Clarus Therapeutics (NASDAQ:CRXT) stock is falling hard on Monday as investors prepare for the stock to be delisted later this week.
Shares of CRXT stock will no longer trade on the Nasdaq Exchange on Aug. 31, which is this Wednesday. This is due to the company being unable to comply with the listing requirements of the exchange.
Specifically, Clarus Therapeutics couldn’t maintain the $15 million minimum market value of publicly held shares needed to trade on the Nasdaq. It also didn’t meet the $50 million minimum market value of listed securities required to keep trading on the exchange.
Clarus Therapeutics was first notified of these issues on Feb. 18, 2022. The company was given time to regain compliance but failed to do so. This resulted in another notice from the Nasdaq on Aug. 22, 2022, that it will be delisted come Wednesday.
CRXT Stock Won’t Disappear
Clarus Therapeutics notes that once shares of CRXT stock are delisted from the Nasdaq, they will move to the OTC Markets. This will have the company’s stock trading on the OTC Pink Market tier.
Heavy trading of CRXT stock follows today’s delisting news. This has some 13 million shares on the move as of this writing. That’s a massive spike in trading volume compared to its daily average of about 3.1 million shares.
CRXT stock is down 28.9% in pre-market trading on Monday morning. Those shares are also down 91.4% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
