LONDON - LumiraDx Limited (NASDAQ:LMDX), a UK-based diagnostics company, is set to be suspended from trading on the Nasdaq Stock Market starting Monday, due to non-compliance with the exchange's listing requirements.
The company, known for its point of care diagnostic technology, was previously notified on October 24, 2023, of its failure to meet the minimum bid price requirement.
The firm had appealed the initial delisting notice but chose to withdraw its appeal following the appointment of joint administrators for two of its key subsidiaries on December 29, 2023. These subsidiaries, LumiraDx Group Limited and LumiraDx International Limited, which hold the majority of the group's assets, are part of a definitive agreement to sell certain LumiraDx group companies to Roche, focusing on its innovative point of care technology.
In anticipation of the delisting, LumiraDx's Board of Directors approved the withdrawal of the appeal. Nasdaq confirmed the company's withdrawal and the upcoming suspension of trading on January 9, 2024. Following internal procedures, Nasdaq will file a Form 25 with the U.S. Securities and Exchange Commission to finalize the delisting process.
LumiraDx has been recognized for its microfluidic technology that facilitates rapid and high-performance diagnostic testing in various settings, including community healthcare.
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