ImmunoCellular Therapeutics Ltd (NYSEAMERICAN: IMUC) is having an incredibly rough start to the trading session this morning, and for good reason. The company announced that it is voluntarily withdrawing its stock from the NYSE American. Of course, the news upset investors, sending the stock tumbling down. Today, we’ll talk about:
- The delisting news;
- what we’re seeing from IMUC stock as a result; and
- what we’ll be watching for ahead.
IMUC Will Delist From The NYSE American
As mentioned above, ImmunoCellular Therapeutics is having an overwhelmingly rough start to the trading session this morning after the company announced that it will voluntarily withdraw its common stock from the NYSE American. In a press release issued early this morning, the company said that it has notified the NYSE American of its intention to do so.
In the release, IMUC said that it intends to file a Form 25, which is a Notification of Removal from Listing and/or Registration with the Securities and Exchange Commission (SEC) on or about October 25, 2018. It is expected that the Form 25 filing will become effective on or about November 5, 2018. Once the form becomes effective, IMUC said that it intends to file a Form 15 with the SEC. In this filing, the company plans on requesting the suspension of the Company’s reporting obligations and the deregistration of its common stock and listed common stock warrants.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. Unfortunatley, the news from ImmunoCellular proved to be overwhelmingly negative. After all, with the delisting taking place, the company will no longer have access to key funding. Also, delistings are often a major red flag for investors as they generally mean that the company is struggling. So, it comes as no surprise that upset investors are sending the stock tumbling down. As is just about always the case, our partners at Trade Ideas were the first to alert us to the declines. Currently (9:02), IMUC is trading at $0.07 per share after a loss of $0.15 per share or 68.30% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on IMUC. In particular, we’re interested in following the story to see if the company actually does delist its common stock, although that seems innevitable. We’re also interested in following the company to see how it accesses funding in the future as a look at its balance sheet shows a clear need. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!