Baxano Surgical announced recently that it has filed for a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code to facilitate a going concern sale of the company.
The company also announced it has terminated its listing on the Nasdaq Global Market, which will be effective as of the close of business on Nov. 24.
Baxano previously received notices from Nasdaq stating it had failed to maintain a minimum bid price of $1 per share. The company does not believe it will be able to reach these minimums in the future, according to the release.
After its listing is terminated, Baxano Surgical intends to terminate its public reporting obligations under the Exchange Act as soon as possible, according to the release.