NKGen Biotech moving to OTC Markets, cancels 1-for-6 reverse stock split

NKGen Biotech (NKGN) announced that on March 3 it received notice that the Nasdaq Hearings Panel determined to delist the company’s common stock from the Nasdaq Global Market after the close of trading on March 4, solely due to the company’s continued failure to comply with Rule 5450(b)(2)(A) of Nasdaq’s Listing Requirements, related to the market value of its common stock. After delisting from Nasdaq, the company expects that the common stock will be traded on a market operated by the OTC Markets Group, commencing on March 5. The company intends to apply to trade on the OTCQX platform, the highest OTC tier, which requires ongoing compliance with SEC public reporting requirements. After initial trading on OTC Pink in a short transition period, NKGen’s common stock and warrants are expected to begin trading on the OTCQX platform under the same ticker symbols, “NKGN” for shares of common stock and “NKGNW” for warrants. With the move away from Nasdaq and its minimum bid price requirement, the company will not implement the previously announced 1-for-6 reverse stock split.