LumiraDx (NASDAQ: LMDX) stock declined more than 53% Monday as it approaches delisting from the Nasdaq Exchange, scheduled for Tuesday.
LumiraDx officially announced that its shares (NASDAQ: LMDX) will be suspended from the Nasdaq Exchange at the opening bell on Tuesday. This action is a consequence of the company’s inability to maintain its shares above the required minimum bid price of $1, violating Nasdaq’s listing standards.
LumiraDx initially had plans to appeal the Nasdaq decision but later withdrew its appeal. The decision to withdraw the appeal followed the revelation that two joint administrators overseeing two of its subsidiaries are planning a sale.
LumiraDx notes that these administrators oversee LumiraDx Group Limited and LumiraDx International Limited, collectively holding all its assets. The administrators have agreed to sell certain companies associated with LumiraDx’s point-of-care technology to Roche (OTCMKTS: RHHBY).
The Nasdaq Exchange will take definitive action on Tuesday by filing a Form 25 in the morning, resulting in the delisting of LMDX shares. This development triggered a surge in trading activity for LumiraDx stock on Monday, with over 125,234,278 (125.23 million) shares changing hands, higher than its daily average trading volume of around 20.5 million.
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