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TOPS Stock Is Up 10% After Shaking Off Delisting Fears

  • Top Ships (TOPS) stock is gaining as it avoids delisting.
  • This comes after a reverse stock split.
  • The news also has shares seeing heavy trading today.
TOPS Stock - TOPS Stock Is Up 10% After Shaking Off Delisting Fears

Source: VladSV / Shutterstock.com

Top Ships (NASDAQ:TOPS) stock is a hot topic among traders Monday morning as the company confirms it’s no longer in danger of being delisted.

The company got the official notice from the Nasdaq Exchange today that it won’t be delisted. This follows the company’s shares undergoing a reverse stock split late last month. That saw it consolidate 20 shares of TOPS stock into a single share.

The reverse stock split boosted the price of TOPS stock above the $1 minimum required to maintain a listing on the Nasdaq. After remaining above that price for several days, it now has the confirmation that delisting is no longer a concern.

What’s Next for TOPS Stock?

It’s possible that TOPS stock will continue to rise in the coming weeks. The company has been of interest to speculative traders lately. There’s even talk that it could be one of the stocks to undergo a short squeeze in the near future.

As for today’s activity, shares of TOPS stock are seeing heavy trading following the delisting update. This saw more than 11 million shares change hands as of this writing. For the record, that’s a massive jump from its daily average trading volume of 1.9 million shares.

TOPS stock is up 10.4% as of Monday morning but is still down 57.5% since the start of the year.

Investors keeping an eye out for other hot stock market news today are in the right place!

InvestorPlace has all of the most recent stock market coverage traders need for Monday! Among that is what’s going on with shares of pot stocks, QuantumScape (NYSE:QS) stock, and Nutex Health (NASDAQ:NUTX) stock today. You can catch up on all of that news at the following links!

More Monday Stock Market News

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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/10/tops-stock-is-up-10-after-shaking-off-delisting-fears/.

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