Seelos Therapeutics Delisted from Nasdaq Moves to OTC Market

LOS ANGELES- Seelos Therapeutics, a clinical-stage biopharmaceutical company, has announced its delisting from the Nasdaq stock exchange after failing to meet the minimum stockholder’s equity requirement. Despite an extension until October 11, 2024, granted by the Nasdaq Hearings Panel, the company was unable to regain compliance. As a result, trading of Seelos’ common stock on Nasdaq was suspended as of October 16, 2024, and the stock is now transitioning to the OTCQB, an over-the-counter market.

This move typically results in reduced visibility, liquidity, and potentially lower investor interest, as OTC markets tend to have fewer institutional investors and analysts covering the stock. Seelos cautioned that there is no guarantee its stock will continue to be traded or that a broker will maintain a market for its shares on OTCQB. The company, known for developing treatments for central nervous system disorders and rare diseases, will now face additional financial challenges in sustaining its clinical trials and development programs