Orgenesis Inc. Faces Delisting from Nasdaq, Elects New Board Members

Orgenesis Inc. (NASDAQ:ORGS) recently received a notification from the Nasdaq Stock Market (“Nasdaq”) indicating the intention to file a Form 25 with the Securities and Exchange Commission for the delisting of the company’s common stock. Following the completion of necessary procedures, the delisting will become effective 10 days after the Form 25 is filed, with the deregistration of the common stock expected to take place 90 days post-filing.

Despite the impending delisting, Orgenesis’ common stock commenced trading on the OTCQX market, facilitated by the OTC Markets Group, Inc. beginning on October 21, 2024.

In a new development, Orgenesis Inc.’s Board of Directors made significant changes by electing Adam Pelavin, Jagannathan Bhalaji, and Santhosh Nagaraj as members of the Board. This decision, recommended by the Nominating and Corporate Governance Committee, saw the Board expand from four to seven members. As part of their election, each new director is set to be granted a stock option for purchasing up to 625 shares of the company’s common stock, subject to vesting conditions.

Furthermore, under the company’s Non-Employee Director Compensation Policy, the incoming directors will also receive an annual cash retainer of $30,000 and an additional annual stock option to purchase 125 shares.

Orgenesis Inc. additionally announced that Mr. Bhalaji and Mr. Nagaraj are expected to enter into Securities Purchase Agreements for acquiring the company’s common stock. A stipulation of these agreements is the appointment of both individuals as directors of the company.

Noteworthy is the absence of any undisclosed arrangements or transactions between the newly elected directors and other parties or the company. Moreover, these directors have no prior positions within Orgenesis and no familial relationships with current directors or executive officers, as per the filing.

The company reported the filing of a Cover Page Interactive Data File (Exhibit 104) as part of its Form 8-K submission. The report, signed by Victor Miller, Chief Financial Officer, Treasurer, and Secretary of Orgenesis Inc., was submitted on November 1, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Orgenesis’s 8K filing here.

Orgenesis Company Profile

Orgenesis Inc, a biotech company, focuses on cell and gene therapies worldwide. It operates through two segments, Octomera and Therapies. The company develops a Point of Care (POCare) platform that includes a pipeline of licensed cell based POCare therapies that are processed and produced under closed and automated POCare technology systems across a collaborative POCare network consisting of research institutes and hospitals.