OSR Health has been delisted from Nasdaq after failing to meet the exchange’s $1 minimum bid-price requirement. Its common stock and warrants are now quoted on the over-the-counter market as OSRH and OSRHW, respectively. The company says it is assessing ways to meet listing standards and return to a national exchange, with a further update planned by November 6.
The Nasdaq decision changes where OSR Health’s securities trade, but not its status as a public reporting company. The company also says its $15 million VXM01 funding mechanism remains available and that it intends to seek a way to continue its shareholder loyalty program.
Key details
- Nasdaq delisting: Trading on Nasdaq was suspended on August 26. On October 23, a Nasdaq panel denied OSR Health’s request to remain listed and decided to delist its securities for failure to meet the $1 minimum bid-price requirement.
- Current trading: The company’s common stock and warrants are quoted over the counter under OSRH and OSRHW. OSR Health says it remains an SEC-reporting company.
- Potential path back to an exchange: Returning to a national securities exchange remains a priority. The company is evaluating options, including strategic and corporate alternatives, and says it plans to update shareholders by November 6.
- No reverse split pursued: OSR Health says it chose not to pursue a reverse stock split during the compliance process, preferring to seek a higher share price through business progress rather than reducing the number of shares.
- VXM01 funding mechanism: A $15 million equity put option involving BCM Europe AG, tied to the global exclusive license agreement for VXM01, remains in place. Under an October 15 amendment, it can also be settled through convertible notes with $15 million in principal and fixed conversion prices of approximately $2 to $5 per share. This is a funding mechanism, not a statement that the company has received $15 million.
- Shareholder loyalty program: OSR Health intends to seek to continue its Shareholder Loyalty CVR Program for enrolled holders. It plans to amend the agreement so that the program’s price thresholds are measured on the principal market where the stock is then listed or quoted.
- Pipeline and partnership activity: Vaximm is preparing a publication of a new analysis of completed Phase 2a trial data for VXM01, an oral T-cell immunotherapy being studied in glioblastoma. Darnatein’s regenerative protein programs remain in licensing discussions with a potential licensee, while Woori IO has received interest from multiple parties in potential partnerships for its noninvasive glucose-monitoring technology.
Plain-English implications
The delisting moves OSR Health’s securities off Nasdaq but does not end its public reporting obligations. The company says its focus remains on finding a route back to a national exchange while advancing its pipeline and pursuing funding and partnership opportunities.