Commonwealth, Seeking to Acquire Shanghai’s GL Biochem, Faces Delisting

Commonwealth Biotechnologies is struggling to prevent its delisting as it works toward completing an acquisition of peptide maker GL Biochem of Shanghai, a deal the company calls “transformative.” In early June, CBI announced it would issue 6.6 million shares of its common stock to acquire GL Biochem. CBI expects $3 million of net income from $18 million of sales as GL Biochem’s business model expands. More details... Stock Symbol: (NASDAQ Capital Market: CBTE)