Sunday, 14 April 2024
Trending

Investing

Acorda Therapeutics to be delisted from Nasdaq amid Chapter 11 By Investing.com

Benchmark Starts FingerMotion at Buy, Sees 73% Upside


PEARL RIVER, N.Y. – Acorda Therapeutics , Inc. (NASDAQ:), a biotechnology company focused on developing therapies for neurological disorders, is set to be delisted from the Nasdaq Stock Market. The decision comes following the company’s voluntary Chapter 11 bankruptcy filing, as confirmed by Nasdaq’s notification to Acorda on Wednesday.

The trading suspension and subsequent delisting of Acorda’s common stock are scheduled to take effect at the opening of business on April 12, 2024. This action by Nasdaq is in response to Acorda’s noncompliance with its Listing Rules, specifically due to the company’s Chapter 11 proceedings and its failure to maintain the required minimum stockholders’ equity of $10 million.

The move to delist stems from Acorda’s April 1, 2024, announcement of an agreement with Merz Therapeutics to acquire substantially all of Acorda’s assets. The acquisition is part of the Chapter 11 bankruptcy process, which Acorda and certain affiliates initiated in the U.S. Bankruptcy Court for the Southern District of New York.

Post-delisting, Acorda expects its common stock to begin trading on the Pink Open Market, often referred to as the “pink sheets,” a marketplace for trading securities that are not listed on major stock exchanges.

Acorda is known for its products like INBRIJA®, approved for treating OFF episodes in adults with Parkinson’s disease, and AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg. These products are part of the company’s efforts to improve the lives of people with neurological disorders through innovative therapies.

The future of Acorda’s operations and the commercial success of its products, including INBRIJA and AMPYRA, may be influenced by a range of factors. These include the company’s ability to manage its relationships with suppliers, service providers, customers, and employees during the Chapter 11 process, as well as its ability to maintain critical contracts and successfully market its products.

The information in this article is based on a press release statement from Acorda Therapeutics. Investors and the public are advised that forward-looking statements in the press release are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

InvestingPro Insights

As Acorda Therapeutics, Inc. (NASDAQ:ACOR) faces the challenges of delisting and Chapter 11 bankruptcy, investors are closely monitoring the financial health of the company. According to real-time…

Click Here to Read the Full Original Article at All News…