MiMedx stock plunges after receiving delisting notice from Nasdaq
Shares of MiMedx Group Inc. plummeted 34% to pace all Nasdaq losers in morning trade Wednesday, after the biopharmaceutical company disclosed that the Nasdaq will suspend trading in its stock starting Nov. 8, ahead of a delisting. The delisting notice comes as the company has failed to regain compliance with Securities and Exchange Commission reporting obligations amid an internal accounting investigation. Separately, the company said it has adopted a shareholder rights plan, also known as a "poison pill," that becomes exercisable of an investor acquires ownership of 10% or more of MiMedx common stock, in an effort to block an unsolicited buyout attempt. The stock has now lost 67% year to date, while the iShares Nasdaq Biotechnology ETF has gained 2.4% and the S&P 500 has advanced 3.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.