VBI Vaccines Granted Chapter 15 Bankruptcy, Faces Nasdaq Delisting

Dow Jones08-03

By Stephen Nakrosis

VBI Vaccines has been granted chapter 15 relief by a Delaware bankruptcy court, a few days after the company filed for protection under the Companies' Creditors Arrangement Act in Canada.

The biopharmaceutical company said it was informed by the Nasdaq Stock Market that its common shares would be delisted from the exchange on Thursday. VBI said it doesn't plan to appeal the decision.

Earlier this week, VBI said it filed in the Canadian court as part of its restructuring proceedings. The company said it was implementing a review of strategic alternatives. Ernst & Young was named as monitor in the Canadian court proceeding and the proposed sale and investment solicitation process.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

August 02, 2024 16:32 ET (20:32 GMT)

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