Genocea Announces Wind Down of Operations and Delisting From NASDAQ
CAMBRIDGE, Mass., May 24, 2022 (GLOBE NEWSWIRE) -- Genocea Biosciences, Inc. (Nasdaq: GNCA), a biopharmaceutical company developing next-generation neoantigen immunotherapies, announced that its Board of Directors voted to wind down the Company’s ongoing operations and terminate the Company’s remaining employees except those deemed necessary to complete an orderly wind down.
On May 23, 2022, the Company delivered formal notice to The Nasdaq Stock Market, Inc. of its intent to voluntarily delist its Common Stock from the Nasdaq Capital Market in connection with the wind down of its operations. The Company plans to file a Form 25 with the Securities and Exchange Commission on or about June 2, 2022, to effect the voluntary delisting f the Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended.
Also, on May 23, 2022, the Company received a letter from the Nasdaq Listing Qualifications department of Nasdaq notifying the Company that it was not in compliance with the requirement of Nasdaq Marketplace Rule 5450(a)(1) for continued inclusion on The Nasdaq Capital Market as a result of the closing bid price for the Company’s common stock being below $1.00 for 30 consecutive business days.