The Final Chapter for Novan: Shares Cease Trading as Liquidation Concludes

Investors holding shares of Novan have reached the end of the line. The company’s stock is now effectively worthless, a direct result of its 2023 bankruptcy proceedings and the subsequent sale of its core business operations. Recent trading data from early February confirms a complete absence of volume, indicating the delisting process is final.

The decisive event occurred in July 2023 when Novan filed for Chapter 11 creditor protection. As part of that process, the company sold substantially all of its assets to Ligand Pharmaceuticals. This move stripped the publicly traded entity of any fundamental business foundation, transferring its entire operational capacity to the buyer.

For remaining equity holders, Read more...