Aravive, Inc. Common Stock

ARAV

Market cap $2.95M

Aravive (NASDAQ: ARAV ) stock is taking a beating on Thursday as the clinical-stage biopharmaceutical company prepares for its shares to be delisted from the Nasdaq Exchange. A press release from Aravive reveals that the company is voluntarily delisting shares of its common stock.

Aravive Inc's shares fell over 58% in Thursday premarket trading after it announced plans to voluntarily delist its common stock on Nasdaq as it prepares to dissolve the company. In a statement, the late clinical-stage oncology company noted that it had already failed to meet the minimum listing requirements of the exchange, including the minimum market value and minimum bid price requirements.

HOUSTON, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Aravive, Inc. (Nasdaq: ARAV, “the Company”), announced today that the Company intends to voluntarily terminate the listing of its common stock on the Nasdaq Global Select Market (“Nasdaq”)  and, based upon ownership of its shares by fewer than 300 holders of record, deregister its common stock under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and suspend its public reporting obligations.