(RTTNews) - Shares of Syros Pharmaceuticals, Inc. (SYRS) are down over 44% in premarket trading following the news that the company will voluntarily delist its common stock from the Nasdaq Stock Market and deregister with the U.S. Securities and Exchange Commission.
Syros Pharmaceuticals made the decision after failing to meet Nasdaq's listing standards and facing ongoing financial difficulties.
The company's stock price had remained below $1.00 per share for an extended period, and it also failed to meet Nasdaq's requirements for market value and publicly held shares.
Additionally, the failure of the company's SELECT-MDS-1 Phase 3 clinical trial for its drug tamibarotene, which did not meet its primary endpoint, played a significant role in the decision.
As a result, Syros has been focusing on winding down its operations and limiting expenditures.
By delisting and deregistering, Syros aims to reduce its regulatory costs and conserve cash to fund the wind-down process. This move will also relieve the company from ongoing SEC reporting obligations, helping to preserve its financial resources.
The delisting process is expected to be completed by March 20, 2025. SYRS closed Friday's (Feb.28 2025) trading at $0.14, down by 0.83 percent. In premarket trading Monday, the stock is down by 44.13 percent at $0.08 on the Nasdaq.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
