Qutoutiao (NASDAQ:QTT) stock is taking a beating on Tuesday after the company provided an update on its Nasdaq listing.
According to a Securities and Exchange Commission (SEC) filing, the company is facing delisting on the Nasdaq Exchange. The company said that the exchange’s Staff of the Listing Qualifications Department decided on delisting.
The reason given by the Nasdaq is QTT’s market value of shares sitting below $1 million. The Staff notes that Qutoutiao failed to regain compliance with this Nasdaq rule after a 180-day grace period.
Adding to all of this, Qutoutiao has determined its response to the delisting notice. The company says that it has no intention to appeal the Staff’s decision. This will result in its shares being suspended and delisted on March 23, 2023.
What This Means for QTT Stock
Considering the statements made by Qutoutiao, it doesn’t look like there’s much hope for its American Depositary Shares (ADSs). The Nasdaq decision would see them removed from public trading, which explains why the stock is down today.
It also covers the heavy trading volume investors are seeing today, with some 351,000 shares on the move. That’s a surge over its daily average trading volume of about 53,000 shares as investors sell the stock.
QTT stock is down 55.6% as of Tuesday morning!
There’s more stock market news worth diving into below!
InvestorPlace has traders covered with all of the hottest stock market news for Tuesday! A few examples include why shares of Pear Therapeutics (NASDAQ:PEAR), Cerberus Cyber Sentinel (NASDAQ:CISO), and other stocks are moving today. You can find all of this news at the following links!
More Tuesday Stock Market News
- Why Is Pear Therapeutics (PEAR) Stock Up 21% Today?
- Why Is Cerberus Cyber Sentinel (CISO) Stock Up 170% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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.