Skillz (NYSE:SKLZ) stock is worth checking on today after the company received a delisting notice from the New York Stock Exchange.
Despite once being a favorite of retail traders, SKLZ stock hasn’t been doing well since its peak closing price of about $44 back in early 2021. To put that in perspective, shares currently trade for about 53 cents each.
That low price point is what triggered the delisting notice from the NYSE. The exchange doesn’t allow stocks trading below $1 per share to remain listed. However, SKLZ stock still has a chance to regain compliance.
How Can SKLZ Stock Remain on the NYSE?
First off, Skillz shares won’t be delisted immediately. Instead, the mobile gaming company has a period of six months to regain compliance. In that period, shares will have to trade above the $1 minimum for 30 consecutive business days.
Skillz says that it has a few options available in order to reach $1 per share, including a reverse stock split. This would see the company consolidate shares to increase the price of SKLZ stock. That would boost the price of shares without changing Skillz’s market capitalization or shareholders’ stakes in the company.
SKLZ stock is down 9.2% as of Thursday afternoon and down 94.6% since the start of the year.
Investors looking for more of the latest stock market news today are in luck!
We’ve got all the latest stock stories traders need to know about on Thursday! A few examples include why shares of Chinese EV stocks, ProQR (NASDAQ:PRQR) stock and Mirati Therapeutics (NASDAQ:MRTX) stock are on the move today. You can find out more on these matters at the links below!
More Thursday Stock Market News
- Why Are Chinese EV Stocks NIO, XPEV, LI on Watch Today?
- Why Is ProQR (PRQR) Stock Up 83% Today?
- Why Is Mirati Therapeutics (MRTX) Stock Up Today?
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On the date of publication, William White did not hold (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.