8-K: Orgenesis Inc. to be Delisted from Nasdaq, Transitions to OTCQX

Orgenesis Inc. will be delisted from the Nasdaq Stock Market and has begun trading on the OTCQX market, while also experiencing a director's resignation.

Summary

• Orgenesis Inc. received notification from Nasdaq on October 17, 2024, that it will be delisted from the exchange.
• Nasdaq plans to file a Form 25 with the SEC to initiate the delisting process.
• The delisting will become effective 10 days after the Form 25 is filed.
• The company's common stock will be deregistered under Section 12(b) of the Exchange Act 90 days after the Form 25 filing, or sooner if the SEC determines.
• Despite the delisting, the company's common stock will remain registered under Section 12(g) of the Exchange Act.
• Orgenesis Inc.'s common stock began trading on the OTCQX market on October 21, 2024.
• Mark Goodman resigned as a director of the company on October 19, 2024, for personal reasons, but will remain as a strategic advisor.

Sentiment

Score: 3

Explanation: The delisting from Nasdaq and a director's resignation are negative events, although the company will continue to trade on the OTCQX and the director will remain as a strategic advisor.

Positives

• The company's common stock will remain registered under Section 12(g) of the Exchange Act after delisting.
• Mark Goodman will continue to provide strategic advice to the company despite resigning from the board.

Negatives

• Orgenesis Inc. is being delisted from the Nasdaq Stock Market.
• A director, Mark Goodman, has resigned from the board.

Risks

• The delisting from Nasdaq could negatively impact investor confidence and the company's stock price.
• The transition to the OTCQX market may result in lower trading volume and liquidity.

Future Outlook

The company will continue to operate on the OTCQX market after delisting from Nasdaq.

Management Comments

• Mark Goodman's resignation was not due to any disagreement with the company or its management.
• Mr. Goodman will continue in his role as a strategic advisor to the Company.

Industry Context

Delisting from a major exchange like Nasdaq and moving to the OTCQX market is often a sign of financial or operational challenges for a company, and can impact investor perception.

Comparison to Industry Standards

• Companies that are delisted from major exchanges often experience a decrease in trading volume and investor interest.
• The transition to the OTCQX market is a common step for companies that no longer meet the listing requirements of major exchanges.
• Other companies that have been delisted from Nasdaq include companies such as China HGS Real Estate Inc. and iBio, Inc. which have also moved to the OTC market.

Management Changes

Stakeholder Impact

• Shareholders may experience a decrease in the value of their investment due to the delisting.
• Employees may be concerned about the company's future prospects.
• Customers and suppliers may have concerns about the company's stability.

Next Steps

• Nasdaq will file a Form 25 with the SEC to initiate the delisting process.
• The delisting will become effective 10 days after the Form 25 is filed.
• The company's common stock will be deregistered under Section 12(b) of the Exchange Act 90 days after the Form 25 filing, or sooner if the SEC determines.

Key Dates

Keywords

delisting, Nasdaq, OTCQX, stock market, director resignation, Form 25, SEC, Orgenesis Inc.