CASI Pharmaceuticals Soars 24.5% After Nasdaq Delisting, Targets OTC Trading
CASI Pharmaceuticals’ shares jumped 24.48% after hours to $0.25 following its decision to transition trading to OTC Markets Group after a formal Nasdaq delisting determination. The company will not appeal the delisting, expects ongoing OTC quotation, and reports market cap of $4.26 million with a 91% year decline.
1. After-Hours Price Jump
CASI shares climbed 24.48% after hours to $0.25, rebounding from a 74.06% regular-session drop to an annual low of $0.21, driven by the announcement of its move from Nasdaq to OTC.
2. Nasdaq Delisting Decision
The Nasdaq Hearings Panel issued a formal delisting determination Monday, citing CASI’s failure to meet continued listing requirements and scheduling trading suspension at Thursday’s market open.
3. OTC Markets Transition
CASI will not appeal the delisting and plans to have its ordinary shares quoted on OTC Markets Group, ensuring trading continuity while maintaining that operations remain unaffected.
4. Financial and Trading Metrics
The company holds a market capitalization of $4.26 million, a 52-week range between $0.21 and $3.08, and a 91.13% year-to-date decline, with an RSI of 18.40 reflecting oversold conditions.