By Sam Boughedda
Iinvesting.com — Biopharmaceutical company Biofrontera AG ADR (NASDAQ:BFRA) dropped over 30% after it announced it has decided to delist its American Depositary Shares (ADS) from the Nasdaq.
Biofrontera shares opened up the session at $3.24 before plummeting to a low of $2.09 on the announcement.
The company said in its press release the primary purpose of the delisting is to reduce the complexity in financial reporting and administrative costs.
The Germany-based firm will maintain an amended ADS program on a level 1 basis, allowing investors to hold shares in the form of ADSs and trade them on the U.S. over-the-counter market.
Biofrontera shares have had a rough 12 months, falling 71.1%, although they have been continuously declining since an enormous spike in August 2020.