This delisting notice is the result of Virgin Orbit voluntarily entering Chapter 11 bankruptcy protection. As a result, the company no longer meets the qualifications to remain listed on the exchange.
With this, shares of VORB stock and warrants will be suspended from trading starting on April 13. The company intends to appeal the delisting but notes that it can’t stop shares and warrants from being suspended.
Virgin Orbit also warns investors that there’s no guarantee that the appeal will be approved by the Nasdaq. If that happens, VORB stock and warrants will be delisted. Shares of VORB stock will also remain suspended throughout this appeal process.
VORB Stock Movement on Tuesday
Considering that delisting warning, it comes as no surprise that VORB stock is seeing heavy trading today with investors selling shares. As of this writing, over 14 million shares have changed hands. That’s already above the company’s daily average trading volume of about 12.2 million shares.
VORB stock is down 27.3% as of Tuesday morning and down 93% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Tuesday! Among that is what has shares of PLx Pharma (NASDAQ:PLXP), Hexo (NASDAQ:HEXO) and Clearmind Medicine (NASDAQ:CMND) stock moving today. You can find all of that news at the following links!
More Tuesday Stock Market News
- Why Is PLx Pharma (PLXP) Stock Down 38% Today?
- HEXO Stock Alert: Tilray to Acquire Hexo in $56 Million Deal
- Why Is Clearmind Medicine (CMND) Stock Up 56% 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.