Curative delisted from Nasdaq
Troubled Nashua health sciences company Curative Health Services has been delisted from the Nasdaq stock exchange for failing to maintain adequate share value.
Previous warnings by Nasdaq required Curative to maintain at least $15 million in market value of publicly held shares or face being removed from the stock exchange by Feb. 8.
A letter from the exchange received by the company a day later said that, because it still had not met minimum aggregate market value of publicly held shares, it would be delisted on the opening of business on Feb. 21.
A statement in Curative’s SEC filings said that the company “has determined not to appeal this decision because it does not have a reasonable expectation that it would be able to regain compliance with the requirements for listing.”
Curative has suffered from mounting debt due to cuts in Medicare reimbursements, several lawsuits stemming from acquired companies and the firing of a senior manager.
In December an ad hoc committee of bondholders met with the firm’s major debtholders to work out a reorganization agreement.
Curative said it expects to file Chapter 11 bankruptcy by the end for the first quarter. — CINDY KIBBE