Cardium Therapeutics Inc. announced that it elected to delist from the New York Stock Exchange and voluntarily begin trading on the OTC exchange.
The company traded on the OTC markets before it joined the NYSE in 2007. But Cardium (NYSE: CXM) has been in danger of losing its listing from the NYSE several times since it began trading on the exchange, though it peaked at above $70 in 2007. Shares closed on Dec. 31 at 83 cents per share.
The company performed a 1-for-20 reverse stock split in July, bringing its shares from about 6 cents to $1.35. But when the stock dipped again below $1, the company faced removal from the NYSE.
The company called the decision to rejoin the OTC markets as “part of its restructuring and cost containment efforts designed to enable a strategic focus on key biological products.” It will change its ticker symbol from “CXM” to a four-letter symbol to comply with OTC requirements, and will announce the change shortly, the company said.
Shareholders will not be required to exchange any shares and the company expects electronic trading to be available without any material disruption, Cardium said.