Nasdaq tells KaloBios its chapter 11 filing is further grounds for delisting shares
KaloBios Pharmaceuticals Inc. , the company recently taken over by controversial biotech investor Martin Shkreli, said Thursday it has received notice from the Nasdaq exchange that its Chapter 11 bankruptcy filing Wednesday is additional grounds for delisting its shares. Nasdaq also said the recent resignations of two directors had left the board with just one member of the audit committee, which serves as yet another reason to delist the shares. Earlier this week, KaloBios said it had a Feb. 25 hearing with Nasdaq to appeal the delisting. That meeting will also consider these additional bases for the move, the company said in a statement. KaloBios shares have been halted since Dec. 17 when Shkreli was arrested on fraud charges to allow the Nasdaq time to gather more information.
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