Invitae delisted on NYSE, trading suspended

Business Financial Stock Drop Social

Amid a flurry of speculation about the firm’s debt and restructuring plans, Invitae’s stock fell to a precipitous low, prompting the New York Stock Exchange (NYSE) to suspend trading of the stock and announce that it has begun the process of delisting Invitae stock due to the “abnormally low” price.  

Before trading of Invitae stock was suspended, its price had plummeted to less than 10¢ per share.

The San Francisco-based medical genetics company had received a notice of noncompliance from the NYSE in September after its stock price had closed at a price under $1.00 per share for 30 consecutive days. Invitae’s extensive restructuring plans have led the company to lay off more than 1,000 employees, consolidate its operations, and make leadership changes. The company has now hired advisers from FTI Consulting and legal counsel from Kirkland & Ellis to assist with restructuring and to explore its options.

While it has been suggested that measures taking in Invitae’s restructuring might include bankruptcy, the company has not confirmed this. The reports of imminent bankruptcy immediately preceded the fall of the firm's stock price.

The firm has recently divested some of its assets, including the health tech platform Ciitizen, which it acquired in 2021. Ciitizen was transferred to a new entity established by the Ciitizen leadership team in December. Invitae sold reproductive health assets, including noninvasive prenatal and carrier screening, to Natera in January in a transaction worth up to $52.5 million.

Page 1 of 130
Next Page