Why Aptose Biosciences (APTO) Stock Is Down Over 40%

Aptose Biosciences Inc APTO shares are trading lower by 43.4% to $1.78 during Tuesday’s session after the company announced it is going to delist from the Nasdaq.

What To Know: San Diego and Toronto-based Aptose Biosciences announced that its common shares will be delisted from the Nasdaq Stock Market. The decision follows the company’s failure to meet Nasdaq's equity requirement under Listing Rule 5550(b)(1) by the March 31 deadline.

The Nasdaq Hearings Panel had granted Aptose time to regain compliance, but the company confirmed it was unable to do so. As a result, Nasdaq will suspend trading of Aptose shares effective April 2.

Aptose, a clinical-stage oncology company, is developing a tuspetinib-based triple drug therapy for newly diagnosed acute myeloid leukemia (AML). The company's shares will remain listed on the Toronto Stock Exchange.

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