LEXINGTON, Mass. - Cyteir Therapeutics, Inc. (NASDAQ:CYT), a biotechnology company, announced its decision to voluntarily delist its common stock from the Nasdaq Global Select Market. The company plans to file a Form 25 with the Securities and Exchange Commission (SEC) around March 18, 2024, to remove its shares from listing and expects trading on Nasdaq to be suspended before the market opens on the same day.
Following the suspension, Cyteir does not anticipate that its common stock will continue trading on any other market. The formal delisting is projected to become effective approximately ten days after the Form 25 filing, around March 28, 2024. Additionally, Cyteir aims to submit a Form 15 to the SEC shortly after the delisting takes effect to terminate its reporting obligations under the Securities Exchange Act of 1934.
The move to delist and deregister is part of Cyteir's previously announced Plan of Complete Liquidation and Dissolution, which was approved by both the board of directors and stockholders on November 16, 2023. The company's decision was influenced by considerations such as the costs and administrative burdens associated with maintaining a public listing, especially in the context of its planned closure.
Cyteir's board assessed factors including the financial implications of being a publicly traded entity, the expenses related to SEC filings, and the management's obligations to meet listing and reporting standards. These considerations were weighed against the backdrop of the company's intended dissolution and liquidation.
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