That delisting notice is connected to the company’s recent bankruptcy filing last week. National CineMedia filed for bankruptcy as it undergoes a voluntary reorganization of its business.
According to the letter from the Nasdaq, this has National CineMedia operating as a “public shell” that should no longer be listed. The exchange intends to delist the company’s shares on April 28, 2023.
National CineMedia is filing an appeal to the Nasdaq in connection to this delisting. The company believes that this appeal should delay the delisting of NCMI stock. It seeks to remain listed as delisting would potentially harm its ability to raise capital and have other negative effects.
National CineMedia notes that if the Nasdaq doesn’t give a favorable outcome to its appeal, its shares will list elsewhere. The company says its stock would move to the OTC Pink marketplace and continue to trade under the NCMI ticker.
NCMI Stock Movement Today
With today’s news, some 843,000 shares of NCMI stock have changed hands. That’s well below the company’s daily average trading volume of about 14 million shares. With it comes a 9% drop in NCMI stock during pre-market trading on Monday. However, shares are up 41.6% since the start of the year.
There’s even more stock market news traders will want to read about below!
We have all of the hottest stock market coverage traders need for Monday! That includes what’s moving shares of Bed Bath & Beyond (NASDAQ:BBBY), Appreciate Holdings (NASDAQ:SFR), and Tempo Automation (NASDAQ:TMPO) stock today. You can read up on all this news at the following links!
More Monday Stock Market News
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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.