In a filing with the U.S. Securities and Exchange Commission (SEC), NanoString announced plans to cut approximately 50 jobs, representing about 9% of its global workforce, as part of its plan to “decrease its costs and create a more streamlined organization to support its business.”
In the SEC filing, NanoString said that it anticipates incurring $2 million in costs associated with the layoff, mostly in severance payments and transition support services for the affected employees, and expects to complete the layoff by March 31, 2024.
NanoString also received a written notice from Nasdaq on January 4 that the company’s common stock price had closed below the $1 per share minimum bid price requirement for continued inclusion in Nasdaq for 30 consecutive business days. The firm has until July 2 -- a period of 180 days -- to regain compliance with Nasdaq’s minimum bid price requirement for at least 10 consecutive business days during the 180-day period, or the company will be delisted.
Following NanoString’s $31 million loss to 10X Genomics in a patent infringement case in November, the firm’s stock fell sharply by almost 50%, which prompted the company to withdraw its full year 2023 and fourth quarter financial guidance pending review of the litigation's impact on the business.
