Aceragen, Inc. (NASDAQ:ACGN) shares are trading lower by 30% to $0.53 Monday morning after the company announced it will delist from the Nasdaq.

The company says the delisting process will be orderly and subject to stockholder approval of the Assignment Proposal at a special meeting scheduled for August 14.

The decision follows the company's plans to seek stockholder approval for a transfer and assignment of most of its assets to an assignee for the benefit of creditors, as previously disclosed.

According to data from Benzinga Pro, ACGN has a 52-week high of $16.00 and a 52-week low of $0.46.