Waitr (NASDAQ:ASAP) stock is falling hard on Wednesday after the company said it doesn’t intend to appeal a Nasdaq delisting.
According to a U.S. Securities and Exchange Commission (SEC) filing, the company isn’t in compliance with the $1 minimum bid listing required for the Nasdaq Capital Market. As a result, the stock will be delisted from the exchange.
This delisting notice follows one the company received back on Jan. 26, 2022. It then received extensions from the Nasdaq in the following months to remain on the exchange. While the company has the option to appeal the current delisting notice, it’s choosing not to do so.
What’s Next for ASAP Stock?
Waitr notes that shares of ASAP stock will be delisted from the Nasdaq Capital Market on Feb. 2, 2023. At that same time, the company’s shares will make the switch to the OTCQB Venture Market. They will continue to trade under the ASAP stock ticker after the move.
Trading of ASAP stock is light as of this writing with only around 66,000 shares on the move. That’s well below the company’s daily average trading volume of about 380,000 shares. Activity is likely low as the company already lost much of its value over the last year.
ASAP stock is down 22.8% as of Wednesday morning and is down 95.2% over the last 52 weeks.
Investors seeking out more of the latest stock market news for today are in luck!
We’ve got all of the latest stock news traders need to know about on Wednesday! A few examples include what has shares of Esports Entertainment (NASDAQ:GMBL) and Inpixon (NASDAQ:INPX) stock, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!
More Wednesday Stock Market News
- Why Is Esports Entertainment (GMBL) Stock Up 27% Today?
- Why Is Inpixon (INPX) Stock Up 31% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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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.