Scorpius Holdings Receives NYSE American Notice of Delisting and Reports Plans to Appeal
Rhea-AI Summary
Scorpius Holdings (NYSE American: SCPX) has received a delisting notice from NYSE American due to its low-selling stock price, under Section 1003(f)(v) of the NYSE American Company Guide. The company plans to appeal the decision to the Exchange's Listing Qualifications Panel, though success is not guaranteed. CEO Jeff Wolf expressed disagreement with the ruling, citing recent positive developments. Scorpius Holdings operates as a CDMO, focusing on biologic and cell therapy programs, offering a range of analytical testing, process development, and manufacturing services from its facilities in San Antonio, Texas.
Positive
- Scorpius Holdings plans to appeal the delisting decision, showing their commitment to maintaining their NYSE American listing.
- The company has state-of-the-art facilities in San Antonio, Texas, enhancing their operational capabilities.
- Scorpius Holdings provides a wide array of services including analytical testing, process development, and manufacturing.
- The company's focus on biologic and cell therapy programs positions them in a growing sector of the pharmaceutical industry.
Negative
- Scorpius Holdings received a delisting notice due to a low-selling stock price, which could negatively impact investor confidence.
- There is no assurance that the appeal against the delisting decision will be successful, adding risk for shareholders.
- The delisting notice highlights financial challenges that may affect Scorpius Holdings' market performance.
- Potential delisting could limit the company's ability to attract new investors and raise capital.
News Market Reaction – SCPX
In the trading session that priced this news, SCPX declined 63.30%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
DURHAM, N.C., June 17, 2024 (GLOBE NEWSWIRE) -- Scorpius Holdings, Inc (NYSE American: SCPX) (“Scorpius” or “the Company”), an integrated contract development and manufacturing organization (“CDMO”), today reported that it received notice from the NYSE American of its determination to commence delisting proceedings of the Company’s common stock from the exchange pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low-selling price of the Company’s common stock. The Company plans to appeal the determination to the Exchange’s Listing Qualifications Panel, although there can be no assurance of a successful outcome.
Scorpius CEO Jeff Wolf commented, “Despite recent positive developments, the NYSE American has made the unfortunate decision to suspend trading in our securities based on our per-share price. We strongly disagree with the ruling and plan to appeal. We look forward to providing further updates.”
Scorpius Holdings, Inc.
Scorpius Holdings, Inc. is an integrated contract development and manufacturing organization (CDMO) focused on rapidly advancing biologic and cell therapy programs to the clinic and beyond. Scorpius offers a broad array of analytical testing, process development, and manufacturing services to pharmaceutical and biotech companies at its state-of-the-art facilities in San Antonio, Texas. With an experienced team and new, purpose-built U.S. facilities, Scorpius is dedicated to transparent collaboration and flexible, high-quality biologics biomanufacturing. For more information, please visit www.scorpiusbiologics.com.
Forward-Looking Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions, and include statements such as the Company’s plans to appeal the determination to the Exchange’s Listing Qualifications Panel and the outcome of the appeal from current expectations include, among others, the ability of the Company to successfully appeal the determination to the Exchange’s Listing Qualifications Panel and have its common stock remain listed on the NYSE American; the Company’s financing needs, its cash balance being sufficient to sustain operations and its ability to raise capital when needed, the Company’s ability to leverage fixed costs and achieve long-term profitability; the Company’s ability to obtain regulatory approvals or to comply with ongoing regulatory requirements, regulatory limitations relating to the Company’s ability to successfully promote its services and compete as a pure-play CDMO, and other factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, subsequent quarterly reports on Form 10-Qs and any other filings the Company makes with the SEC. The information in this presentation is provided only as of the date presented, and the Company undertakes no obligation to update any forward-looking statements contained in this presentation on account of new information, future events, or otherwise, except as required by law.
Media and Investor Relations Contact
David Waldman
+1 919 289 4017
ir@scorpiusbiologics.com
