Galera Therapeutics Inc (NASDAQ:GRTX) shares are trading lower by 34.8% to $0.14 during Monday's session after the company received a notice from Nasdaq's Office of General Counsel stating that the Nasdaq Hearings Panel decided to delist the company's shares due to non-compliance with Nasdaq's continued listing standards.

The company failed to meet the minimum average market value of listed securities, the minimum bid price, and the minimum market value of publicly held shares. As a result, trading of the company's shares will be suspended on Nasdaq starting June 4, 2024.

Galera Therapeutics plans for its shares to be quoted on the OTC Markets Group under the symbol "GRTX" following the suspension. The company says it retains the right to request a review of the delisting decision.

According to data from Benzinga Pro, GRTX has a 52-week high of $3.59 and a 52-week low of $0.08.