Why Is PLx Pharma (PLXP) Stock Down 32% Today?

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  • PLx Pharma (PLXP) stock is falling on delisting news.
  • The company’s shares will be delisted on Thursday.
  • This has investors selling their stakes before that happens.
PLXP Stock - Why Is PLx Pharma (PLXP) Stock Down 32% Today?

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PLx Pharma (NASDAQ:PLXP) stock continues to fall on Wednesday as the company gets closer to being delisted from the Nasdaq.

An update from PLx Pharma revealed that the Nasdaq is not giving it another 180-day period to regain compliance with listing rules. As a result, shares of PLXP stock will be delisted from the exchange on Thursday.

The problem surrounding PLXP stock is PLx Pharma’s failure to file its Form 10-K for the period ending Dec. 31, 2022, in a timely manner. The company notes that it doesn’t intend to appeal the Nasdaq’s delisting decision.

What This Means for PLXP Stock

Without a public listing, it will be hard for investors to trade shares of PLXP stock. Especially as the company hasn’t revealed any plans for an alternative listing, such as on the OTC Markets. This has investors offloading shares before the delisting.

That has also led to strong trading of PLXP stock on Wednesday morning. As of this writing, more than 3.2 million shares of the company’s stock have changed hands. That’s quickly closing in on the company’s daily average trading volume of about 3.7 million shares, and markets aren’t even open yet.

PLXP stock is down 31.5% during pre-market trading on Wednesday. That comes after seeing a 66.8% fall during normal trading hours yesterday.

PLXP stock isn’t the only hot topic among traders today.

There’s plenty more stock market news investors need to know about for Wednesday! A few examples include what has shares of Altamira Therapeutics (NASDAQ:CYTO) and HeartCore Enterprises (NASDAQ:HTCR) stock rising, and the biggest pre-market stock movers this morning. You can check out all of that at the links below!

More Wednesday 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.


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