GENFIT Completes Nasdaq Delisting: What Investors Need to Know

2025-12-31 10:49:51

GENFIT (Nasdaq and Euronext: GNFT), a biopharmaceutical innovator focused on rare and life-threatening liver diseases, has officially completed its withdrawal of American Depositary Shares (ADS) from The Nasdaq Global Select Market. The company announced the effective date as November 20, 2025.

Key Action Taken

The biopharmaceutical firm has simultaneously filed a Form 15F with the Securities and Exchange Commission (SEC) to suspend its U.S. reporting obligations under the Securities Exchange Act of 1934. The SEC is expected to finalize the deregistration of the company’s ADS within 90 days following the Form 15F submission.

Timeline and Process for ADS Holders

Investors currently holding GENFIT American Depositary Shares have a structured process to follow. The Bank of New York Mellon, serving as the depositary institution, will terminate the Deposit Agreement effective at 5:00 PM Eastern Time on February 5, 2026.

ADS holders retain until February 9, 2026 to exchange their securities for ordinary shares. Those electing to convert will incur:

A cancellation fee of up to $0.05 per ADS
A cable transfer fee of $17.50

To initiate the conversion, investors should direct their brokers to surrender ADS holdings to The Bank of New York Mellon (DTC No. 2504), ensuring proper delivery instructions are included.

Post-Surrender Arrangements

Beyond the February 9 deadline, the depositary retains the authority to liquidate any remaining underlying ordinary shares. Holders seeking proceeds from such sales must surrender their ADS securities to receive payment, minus applicable expenses, taxes, and the standard cancellation fee.

For technical guidance on settlement procedures, U.S. brokers and investors can contact DRSettlements@BNYMellon.com. Physical ADR surrender can be directed to The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286, Attention: Depositary Receipt Administration. Registered or overnight courier delivery is recommended.

About the Company

GENFIT stands as a leader in rare liver disease therapeutics, advancing treatments for acute-on-chronic liver failure (ACLF), acute decompensation (AD), hepatic encephalopathy (HE), and other serious conditions including cholangiocarcinoma and metabolic disorders.

The company achieved a significant milestone in 2024 with accelerated FDA approval of Iqirvo® (elafibranor) for Primary Biliary Cholangitis (PBC), followed by EMA and MHRA clearance in the United Kingdom. The medication is now available across multiple markets. Additionally, GENFIT markets NIS2+® for detecting metabolic dysfunction-associated steatohepatitis (MASH).

With headquarters in Lille, France, and offices spanning Paris, Zurich, and Cambridge, Massachusetts, GENFIT maintains dual listings on Nasdaq and Euronext Paris. Pharmaceutical giant Ipsen acquired an 8% equity stake in the company in 2021.

Forward-Looking Considerations

This announcement contains statements reflecting management expectations regarding the SEC’s 90-day deregistration timeline and other future developments. Actual outcomes may diverge based on regulatory processes, market conditions, and operational factors documented in the company’s filings with financial authorities.

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