NASDAQ: KaloBios' Bankruptcy Announcement Constitutes A 'Separate And Additional Basis' For Stock

KaloBios Pharmaceuticals Inc (NASDAQ: KBIO) disclosed on Thursday it received a new letter from the Nasdaq exchange on Wednesday.

According to KaloBios, the letter from Nasdaq stated that the company's filing for bankruptcy under Chapter 11 constitutes a "separate and additional basis for delisting the Company's securities."

KaloBios added that the letter noted that the resignations of Tom Fernandez and Marek Biestek as members of the company's board of directors also "serves as a separate and additional basis for delisting the Company's securities."

KaloBios' trading has been halted since December 17 after the arrest of the company's former CEO Martin Shkreli on security fraud charges.

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