Aptose shares tumble following Nasdaq delisting decision
Shares of Aptose Biosciences (NASDAQ:) plunged 38.4% premarket today after the Nasdaq Hearings Panel decided to delist the company’s common shares from The Nasdaq Stock Market, News.Az reports citing Investing.
The clinical-stage precision oncology company, which focuses on developing therapies for acute myeloid leukemia (AML), confirmed through its advisor on March 31, 2025, that it had not regained compliance with the Exchange’s minimum equity requirement.
The delisting decision comes as a significant setback for Aptose, which was unable to meet the Nasdaq’s equity rule by the March 31 deadline, marking the limit of the Panel’s discretion to allow continued listing while the company was non-compliant. Trading in Aptose’s common shares is set to be suspended at the open of business on April 2, 2025.
Despite the delisting, Aptose’s management and board are considering all available options, including an appeal against the Panel’s determination. The company has expressed its intention to continue executing its business plan and aims to seek listing on another U.S. national securities exchange when appropriate. For the time being, Aptose’s shares will remain listed on the Toronto Stock Exchange (TSX) under the ticker symbol “APS”.
The delisting news is a blow to Aptose, which has been working on a tuspetinib (TUS) based triple drug frontline therapy for patients with newly diagnosed AML. The impact on the company’s stock is a reflection of investor concerns over the financial stability and future access to capital markets following the Nasdaq’s decision.
As Aptose explores its next steps, the company’s focus remains on advancing its clinical programs and seeking alternative avenues to support its operations and research endeavors. The situation underscores the challenges faced by clinical-stage biotech companies in maintaining financial and regulatory standards required by major stock exchanges.