Biostar Pharmaceuticals, Inc. (BSPM)

Biostar Pharmaceuticals, Inc. was a US-incorporated holding company whose operations were in China. Through subsidiaries in Shaanxi province it developed, made and sold over-the-counter and prescription medicines in the Chinese market. Its best-known product was a capsule treatment for chronic hepatitis B sold under the Xin Aoxing name, and it also marketed remedies for digestive and other common conditions. Most of its sales came through pharmacies and distributors in China.

Like a number of small Chinese companies, Biostar reached US markets through a reverse merger and later moved its common stock to the Nasdaq Capital Market under the ticker BSPM. Over the years it received several Nasdaq notices about its share price falling below the $1.00 minimum and regained compliance at least once, including through a reverse stock split. Its share price was volatile and trading volume was often low.

In 2018 the company's problems deepened. On July 19, 2018 Nasdaq staff told Biostar it no longer met the listing rule that requires timely filing of periodic reports with the SEC. The company appealed, but a Nasdaq hearing panel denied continued listing on September 17, 2018. Without current audited financial statements on file, the company could not satisfy the panel. The decision meant the stock would lose its Nasdaq listing.

Trading on Nasdaq was suspended on September 19, 2018. The panel's decision became final on November 1, 2018, after the company did not seek further review, and Nasdaq filed to remove the stock. The delisting took effect at the open on January 18, 2019. Any later trading would have taken place over the counter, and the company has no listed successor.