Nasdaq Calls for Delisting of Iceland’s deCODE

The Nasdaq stock exchange in New York has announced to Icelandic company deCODE Genetics that its stocks will be deactivated on November 30. The reason is a moratorium on the company’s payments granted by a Delaware court.




The headquarters of deCODE in Reykjavík. Photo by Páll Kjartansson.

According to a news story on PR Newswire, the Nasdaq announcement also revealed that deCODE has yet to submit its settlement of accounts for the third quarter of this year, visir.is reports.

deCODE can appeal Nasdaq’s decision and the company is intending to do so. However, it is uncertain that the appeal will be successful.

Last week it was announced that deCODE had signed an agreement with American company Saga Investments LLC on the latter company’s acquisition of deCODE and its entire operations. The agreement was made in accordance with section 363 of the American insolvency law.

Source:icelandreview.com/i