Nasdaq Panel Upholds Delisting of Platinum Analytics Securities
Trading was suspended after the panel cited potential manipulation concerns and insufficient liquidity, while the company plans to seek a review.
Platinum Analytics Cayman Limited said Nasdaq’s Hearings Panel denied its request to restore trading and affirmed a decision to delist its securities. The company received the panel’s notice on September 21, and trading was suspended at the opening on September 23.
The panel’s decision was based mainly on trading activity it considered indicative of potential manipulation and the company’s failure to show enough liquidity for a fair and orderly market, according to the company. The panel said the company’s advisers’ past involvement with other firms facing trading halts, unusual trading or FINRA enforcement matters was not, by itself, valid grounds for delisting.
The panel also found that the Singapore residence of the company’s chief executive did not support delisting. Platinum Analytics said it intends to ask Nasdaq’s Listing and Hearing Review Council to review the decision.
The review request will not pause the trading suspension or delisting, the company said. It added that there is no assurance the review will succeed or that trading on Nasdaq will resume.
This article was produced with the help of AI technology.
Source: Yahoo Finance
