Acorda Therapeutics announces Nasdaq delisting notification

seekingalpha04-04

Acorda Therapeutics (NASDAQ:ACOR) on Wednesday announced that Nasdaq notified the company that it will suspend trading in and delist its common stock, effective with the opening of business on April ...

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The notice follows the company's April 1 announcement that it has reached an agreement with Merz Therapeutics to acquire substantially all of the assets of the company.  In connection with that announcement, Acorda and certain of its affiliates filed voluntary petitions to commence Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York. Nasdaq commenced proceedings to delist the company’s common stock, based on the Company’s noncompliance with Nasdaq Listing Rules 5101, 5110, and IM-5101-1 as a result of the company’s commencement of Chapter 11 proceedings, among others. Once the delisting takes effect, Acorda expects its common stock to begin trading on the Pink Open Market. 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The notice follows the company's April 1 announcement that it has reached an agreement with Merz Therapeutics to acquire substantially all of the assets of the company.  In connection with that announcement, Acorda and certain of its affiliates filed voluntary petitions to commence Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York. Nasdaq commenced proceedings to delist the company’s common stock, based on the Company’s noncompliance with Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1 as a result of the company’s commencement of Chapter 11 proceedings, among others. Once the delisting takes effect, Acorda expects its common stock to begin trading on the Pink Open Market. 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