Australia's Kazia Therapeutics slumps to 1-yr low on delisting announcement

Kazia Therapeutics

11/10/2023 03:40

** Shares of Kazia Therapeutics  KZA.AX  drop as much as
43.8% to A$0.090, falling to their lowest levels since Dec 30,
2022
    ** Stock currently down 37.5%, faces worst day since Aug 1,
2022, if current losses hold
    ** Biotechnology co says intention to de-list from the
Australian Securities Exchange (ASX)
    ** Co adds, board has determined that costs, administrative
burden and commercial disadvantages outweigh any benefits of
continued ASX listing
    ** KZA to maintain listing on the NASDAQ
    ** More than 2.1 mln shares change hands, 28.3x the 30-day
average volume of 75,110 shares
    ** Stock has risen 73.9% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))