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Aspira Women's Health Inc.'s stock (AWH) tumbled nearly 12.5% to fresh lows on Wednesday and continued tanking in after-hours trading as the company said it would be delisted from the Nasdaq.
Retail chatter on Stocktwits surrounding the bio-analytic and diagnostic services provider surged 800% over the last 24 hours, among the highest for healthcare stocks.
The company said the Nasdaq Hearings Panel had determined that Aspira had not complied with a listing rule that required it to maintain a minimum of $2.5 million in stockholders' equity.
The exchange will suspend trading in the company's stock starting Thursday, with the company saying it will continue trading over the counter under the same 'AWH' ticker.
Earlier on Wednesday, Aspira filed to register 354,988 shares of common stock for holders.
Sentiment on Stocktwits, where Aspira's following has dipped by 2% over the past 30 days, remained 'bearish' even as the score had increased slightly.
One user believes AWH's decision to skip a reverse split was wise, suggesting that such a move would have made it an easier target for hedge funds and more attractive for shorting.
Another said: "So this is getting delisted with the same ticker symbol? On Webull, it has a delisted AWH listed as NYSE. [I] wonder if they're switching exchanges."
Over a week ago, the company appointed three new directors as part of a planned Board refresh aligned with its upcoming annual shareholders meeting.
At the end of March, Aspira raised investor hopes after receiving a $1.5 million milestone payment from the Advanced Research Projects Agency for Health for its multi-marker blood test for endometriosis. The test uses an AI-powered algorithm to combine protein and microRNA biomarkers with patient data.
Aspira stock has lost over 97% in the past 12 months.
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