Genocea Biosciences, Inc. (NASDAQ: GNCA) shares are down 64% after the company has confirmed that its Board of Directors has decided to close all the operations and delist from NASDAQ. The company has also confirmed the termination of the Company’s remaining employees except those considered necessary to complete an orderly wind down.
On May 23, 2022, the Company received a letter from Nasdaq's Nasdaq Listing Qualifications department alerting it that it had failed to comply with Nasdaq Marketplace Rule 5450(a)(1) for ongoing inclusion on The Nasdaq Capital Market because the closing bid price for the Company's common stock had been below $1.00 for 30 consecutive business days.
Furthermore, on the same day, the company formally notified The Nasdaq Stock Market, Inc. of its intention to voluntarily remove its Common Stock from the Nasdaq Capital Market as part of its wind-down of operations on May 23, 2022. On or about June 2, 2022, the Company is expected to submit a Form 25 with the Securities and Exchange Commission to delist the Common Stock voluntarily under Section 12(b) of the Securities Exchange Act of 1934, as amended.
The Cambridge cancer drug developer has previously confirmed that it will be laying off 65 percent of its workforce and seeking acquisition and merger alternatives. The corporation has also stated that it is exploring strategic options to increase shareholder wealth. For this procedure, the corporation has sought the help of expert consultants, including an investment bank. The sale of all or part of the company, as well as a merger or reverse merger, will be considered strategic possibilities.