Azitra Inc., a Branford-based biopharmaceutical company, said Friday it is at risk of being de-listed from the New York Stock Exchange.
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Azitra Inc., a Branford-based biopharmaceutical company, said Friday it is at risk of being de-listed from the New York Stock Exchange.
In a filing with the U.S. Securities and Exchange Commission, the company said it received a notice from NYSE American LLC that it is not in compliance with the exchange’s continued listing standards.
The company’s stock trades on the NYSE under the symbol AZTR. Monday morning, it was trading at 77 cents per share, down from its 52-week high price of $4.33.
To continue to be listed, the NYSE requires a company to have stockholders’ equity of $4 million or more if it has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years.
As of June 30, the company reported that it had stockholders’ equity of $2.2 million and has had losses in three of its four most recent fiscal years ended Dec. 31, 2024.
Azitra has until Oct. 31 to submit a plan of actions it has taken or will take to regain compliance with the continued listing standards by April 1, 2027.
The company said it intends to deliver a plan to the exchange in a timely manner. If the exchange accepts the plan, Azitra will be notified in writing and will be subject to periodic reviews, including quarterly monitoring for compliance.
Azitra officials said they are “assessing and exploring multiple funding avenues” and are committed to doing what is necessary to regain compliance.
Azitra, located at 21 Business Park Drive in Branford, is a clinical-stage biopharmaceutical company focusing on developing genetically engineered bacteria for therapeutic use in dermatology.