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Quotient Limited Voluntarily Delisting Shares From Nasdaq, Laying off 100 Employees

NEW YORK – Quotient Limited said Monday it will file to delist its shares from the Nasdaq Global Market on or about Dec. 27.

The last day the firm's shares will trade on the exchange are expected to be on or about Jan. 6, 2023.

The firm said it "does not intend to apply to list its ordinary shares on any other stock exchange or for quotation of its ordinary shares in any quotation medium." In a Form 8-K filed Dec. 8 with the Securities and Exchange Commission, the company said it will proceed with plans announced Nov. 14 to suspend activities focused on commercializing its transfusion diagnostics products and instead focus on near-term development and commercialization of MosaiQ products for autoimmune and allergy diagnostic markets, resulting in the layoffs of about 100 employees.

It added that it had entered into a transaction support agreement that would cancel all its outstanding equity securities for nominal or no consideration, reducing the company's debt and providing liquidity to pursue a change in its business strategy.

The Eysins, Switzerland-based firm executed a 1-for-40 reverse split of its ordinary shares in November in a move to regain compliance with the Nasdaq's minimum bid price requirements. But the closing bid price for the company's shares have remained below the minimum bid of $1.00 per share since Nov. 22. The firm also is not in compliance with Nasdaq's listing rule that it have a minimum market value of $50 million. The exchange had notified Quotient in early August that if failed to meet that rule.