Aoxing Pharmaceutical announced the upcoming filing of Form 25 to begin the process of delisting from the NYSE American listing.
Aoxing Pharmaceutical (NYSE:AXN) announced the upcoming filing of Form 25 to begin the process of delisting from the NYSE American listing.
As quoted in the press release:
The Board made the decision to remove the Common Stock from the NYSE American and to seek deregistration under the Exchange Act following its review and careful consideration of several factors, including the Company’s inability to obtain equity financing during the past year, the ongoing listing, legal, administrative and accounting costs associated with being a publicly listed company, the risk that ongoing atrophy in the market price of the Common Stock will result in non-compliance with NYSE American continued listing requirements, and the amount of executive time and Company resources consumed in regulatory compliance obligations. The Board determined that delisting and deregistration are in the overall best interests of Aoxing Pharma and its stockholders.
Aoxing Pharma expects its Common Stock to begin trading on the OTC Market’s Pink market tier following the effectiveness of the Form 25.