The delisting is a routine administrative step following the completed acquisition. No further trading action is possible in APLS common stock. Monitor CVR milestone payments tied to SYFOVRE sales targets for potential value realization.
Price Chart
Executive Summary
Nasdaq filed a Form 25-NSE to remove Apellis Pharmaceuticals' common stock from listing and registration, effective May 14, 2026, following the completion of Biogen's acquisition. The delisting is a procedural step after the merger closed, with APLS stockholders receiving $41.00 per share plus CVRs.
Key Facts
- Form 25-NSE filed by Nasdaq Stock Market LLC to delist Apellis common stock under Rule 12d2-2(a)(3).
- Effectiveness date is May 14, 2026, the same day as the filing.
- Delisting follows Biogen's completed acquisition of Apellis for $41.00 per share plus CVRs.
- The security is removed from listing and registration due to the merger, not due to any operational failure.
Financial Impact
No new financial impact; delisting is a procedural step after the $5.3B acquisition closed at $41.00/share plus CVRs.
Risk Factors
- CVR milestone payments may not be achieved if SYFOVRE sales targets are missed.
- No further liquidity in APLS common stock post-delisting.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 25-NSE Filing (Primary) | 0001354457-26-000449 |
| Document: 0001354457-26-000449-index-headers.html | 0001354457-26-000449 |
| Document: 0001354457-26-000449-index.html | 0001354457-26-000449 |
| Document: 0001354457-26-000449.txt | 0001354457-26-000449 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 26, 2026 18w ago | 15-12G | — | awaiting T+1 | — | — |
May 14, 2026 20w ago | 25-NSE | $41.03 $41.03 | · 0.00% | ▲ +1.23% | — |
May 14, 2026 20w ago | 8-K | $41.03 $41.03 | · 0.00% | ▲ +1.23% | — |
May 4, 2026 21w ago | 8-K | $40.97 $40.97 | · 0.00% | ▼ −0.80% | — |
Mar 27, 2026 27w ago | Institutional Cluster | $16.97 $17.09 | ▲ +0.71% | ▲ +1.06% | — |
US Market Status
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