VBI Vaccines Inc. (Nasdaq: VBIV) Rises from the Ashes and is NASDAQ Top Percentage Gainer
August 6, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, including biotech stocks reports on trading for VBI Vaccines Inc. (Nasdaq: VBIV), a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease.
The struggling company has made the top percentage gainer today in trading, currently at 0.1544, up 0.0915 ,gaining 145.4690% om volume of just under 400 Million shares. The stock had a morning high of $0.2260.
On August 2nd, the company provided an update on the restructuring proceedings announced on July 30, 2024.
U.S. Chapter 15 Filing
On August 2, 2024, the United States Bankruptcy Court for the District of Delaware granted provisional relief under Chapter 15 of the U.S. Bankruptcy Code, and scheduled a further hearing to consider the recognition of the July 30, 2024, Ontario Superior Court of Justice (Commercial List) order ("Initial Order"), which granted the company protection under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended ("CCAA").
NASDAQ Listing
On July 30, 2024, the Company received a letter from the listing qualifications department staff of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that its common shares will be delisted from Nasdaq effective as of opening of business on August 8, 2024. The Company does not intend to appeal the delisting determination.
Stikeman Elliott LLP, Haynes and Boone, LLP, Morris, Nicols, Arsht & Tunnell LLP, and Pearl Cohen Zedek Latzer Baratz are acting as legal advisors to VBI. As previously announced, Ernst & Young Inc. ("EY") has been appointed as Monitor in the CCAA proceedings and the proposed sale and investment solicitation process ("SISP").
Recent news
https://finance.yahoo.com/news/vbi-vaccines-provides-restructuring-proceedings-200500400.html
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