Aravive Inc’s shares fell over 58% in Thursday premarket trading after it announced plans to voluntarily delist its common stock on Nasdaq as it prepares to dissolve the company.
In a statement, the late clinical-stage oncology company noted that it had already failed to meet the minimum listing requirements of the exchange, including the minimum market value and minimum bid price requirements.
The company’s shares fell 77% to $0.29 on August 3, 2023, after it revealed that a Phase 3 trial (AXLerate-OC) evaluating the safety and efficacy of its product candidate batiraxcept in ovarian cancer did not achieve the primary endpoint of progression-free survival.
In September, it was told by Nasdaq that it fell below the required thresholds and its common stock did not meet the minimum $1 bid price requirement.
After shareholders approved a move to dissolve and liquidate the company at its 2023 annual meeting, Aravive said its board of directors approved the transfer of all or substantially all of its assets through an assignment for the benefit of creditors and its voluntary dissolution and liquidation.
The company said it expects the Nasdaq delisting to become effective on or about February 8, 2024.
Ahead of the opening bell, its shares were down 58.6% at $0.046.