NASDAQ Officially Turns Into a Mirage for Capstone Therapeutics CRP (PINK:CAPS)
For those of you who still believe that Capstone Therapeutics CRP (PINK:CAPS) will make a glorious return to the NASDAQ, it is high time you faced the bitter truth: the company has now officially been delisted from the premier stock exchange and downgraded to the pink sheets. Although the trade with CAPS stock on the NASDAQ had been suspended on Jul. 21, CAPS still could have preserved its market status had it taken the steps required to regain compliance. However, due to CAPS's unwillingness (or inability) to do so, its common stock will no longer be traded on the NASDAQ, effective at the opening of the trading session on Nov. 21, 2011. Yesterday, pink sheet CAPS lost 5% in value, closing the session at $0.241 per share on a volume of 6 thousand, i.e considerably lower than the average daily trading volume of 63 thousand. While it is too early to talk about a clear withdrawal of investors, such a scenario is a possibility for one more reason. Last month, CAPS revealed its intention to fire 14 out of its 18 employees to reduce its expenses. No further plans for development were announced. At this stage, the company appears to be lacking a concise strategy for the immediate future. Unless management comes up with a commercially viable initiative, CAPS will most probably continue to lose value without seeing any light at the end of the tunnel.