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…
