LianBio – ADR (NASDAQ:LIAN) shares are trading higher by some 84% to $0.35 Friday afternoon on continued volatility. The company in late February announced its intent to delist its American Depositary Shares (ADSs) from the Nasdaq Global Market. This decision, made following a strategic review by the Board of Directors, involves winding down operations and deregistering its ordinary shares and ADSs.

The company aims to reduce costs associated with regulatory compliance and management time, while returning value to shareholders through asset sales, out-licensing efforts, and dividends. Trading of ADSs post-delisting is expected to shift to privately negotiated sales and potentially an over-the-counter market.

LianBio shares have also seen volatility in recent weeks after the company completed its strategic review and determined to initiate the wind down of its operations, including the sale of remaining pipeline assets, delisting of ADS and workforce reductions. Also, the company declared a $4.80 special dividend.