Brainstorm Cell Therapeutics Crashes 42% After Voluntary Nasdaq Delisting Announcement
BrainStorm Cell Therapeutics Inc. (NASDAQ:BCLI) shares crashed 42.74% to $0.67 in after-hours trading on Friday after the company announced its voluntary delisting from the Nasdaq Capital Market.
Check out how BCLI stock is trading here.
What Happened: The biotechnology firm received formal notification from The Nasdaq Stock Market LLC that its common stock will be suspended from trading at market open on Friday.
The delisting stems from non-compliance with Nasdaq Listing Rule 5550(b)(1), which requires maintaining minimum shareholder equity.
BrainStorm’s stock has declined 45.33% year-to-date, closing Thursday at $1.17 before the after-hours selloff. The company has secured approval to trade on the OTCQB Venture Market under the same BCLI ticker symbol, effective Friday.
“While this delisting from Nasdaq is a challenging outcome, we want to assure our shareholders and the patient community that it does not alter our core mission,” said CEO Chaim Lebovits in a statement. The company emphasized its continued focus on developing NurOwn, its lead investigational therapy for amyotrophic lateral sclerosis (ALS).
CEO of BrainStorm Cell Therapeutics, Chaim Lebovits, on the company’s delisting stated, “While this delisting from NASDAQ is a challenging outcome, we want to assure our shareholders and the patient community that it does not alter our core mission or our unwavering commitment to advancing NurOwn for ALS patients.”
Why It Matters: BrainStorm develops autologous adult stem cell therapies for neurodegenerative diseases. Its proprietary NurOwn platform uses mesenchymal stem cells to produce neurotrophic factor-secreting cells designed to treat ALS patients. The therapy has received Orphan Drug designation from both the FDA and European Medicines Agency.
The company completed a Phase 3 ALS trial and plans to launch a Phase 3b trial under a Special Protocol Assessment agreement with the FDA. BrainStorm also conducted a Phase 2 trial for progressive multiple sclerosis, supported by a National MS Society grant.
The delisting does not impact business operations or research programs, according to the company.
Benzinga's Edge Stock Rankings indicate BrainStorm Cell Therapeutics has a positive short-term price trend. Track the performance of other players in this segment.
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