Interleukin Genetics Inc. (OTC:ILIU) is no longer traded on the New York Stock Exchange, effective today.
The company transferred its common stock to the OTC:QB marketplace, a new tier of the Pink OTC Markets created in April to better distinguish securities that remain compliant with regulatory reporting requirements but do not meet listing criteria for other exchanges. The company’s ticker symbol, formerly ILI, is now ILIU.
In June, the NYSE warned Interleukin that it faced de-listing from the exchange for missing equity and profitability requirements.
When Interleukin released its earnings August 12, company officials said they no longer expect to reach the $6 million threshold in shareholder equity needed to maintain its listing on the NYSE AMEX board in time for a hearing later this month and that the company had already withdrawn its appeal.
“Our marketplace transfer will enable the company to stay focused on dedicating resources to partnering and driving continued revenue growth of our Inherent Health brand of genetic tests,” CEO Lewis Bender said in prepared remarks.
The Waltham, Mass.-based company’s de-listing comes as its quarterly results improved. Interleukin more than doubled year-over-year revenue comparisons and cut its second quarter loss by more than half, posting a $1.4 million net loss on $573,000 in revenues during the three months ended June 30. Interleukin also beat analysts’ expectations with both its top- and bottom-line results.
