- Genocea Biosciences (NASDAQ:GNCA) is closing down its business.
- It’s terminating all employees not needed to shut the company down.
- This also has it delisting shares of GNCA stock.
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Genocea Biosciences (NASDAQ:GNCA) stock is on the move Wednesday after the bioscience company revealed its shutting down.
According to Genocea Biosciences, it will be winding down its business over the coming weeks as it prepares to close shop. This was a decision made by the company’s Board of Directors in a recent vote.
Genocea Biosciences notes that this has it terminating all of its remaining employees, except those needed to assist with the closing of the company. This comes three weeks after the company laid off roughly 65% of its employees.
In addition to this, Genocea Biosciences has announced that it will be voluntarily delisting shares of GNCA stock from the Nasdaq Capital Market. It intends to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) to effect this delisting on June 2.
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It’s worth noting that the decision to delist shares comes after a warning from the Nasdaq Listing Qualifications department. Two days ago, it warned the company that its stock price sitting below $1 per share for 30 consecutive business days was grounds for delisting.
Today’s news has GNCA stock seeing heavy trading with some 81 million shares on the move as of this writing. For comparison, the company’s daily average trading volume is closer to 3.5 million shares.
GNCA stock is up 15.9% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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