Acorda Therapeutics delisted from Nasdaq

Acorda Therapeutics announced that Nasdaq notified the company that it will suspend trading in and delist the company’s common stock, effective with the opening of business on April 12. The notice follows the company’s April 1 announcement that it has reached an agreement with Merz Therapeutics to acquire substantially all of the assets of the company. In connection with that announcement, Acorda and certain of its affiliates filed voluntary petitions to commence Chapter 11 proceedings. Nasdaq commenced proceedings to delist the company’s common stock, based on the company’s noncompliance with Nasdaq Listing Rules as a result of the company’s commencement of Chapter 11 proceedings and also because the company was not in compliance with stockholders’ equity of at least $10M. Once the delisting takes effect, Acorda expects its common stock to begin trading on the Pink Open Market.