Vyant Bio (NASDAQ:VYNT) stock is taking a beating on Tuesday after the biotechnology company announced plans to delist its shares.
According to a press release, the company’s Board of Directors determined that a voluntary delisting of shares was in order. This has it expecting shares of VYNT stock to be delisted from the Nasdaq Capital Market on or about May 14, 2023.
Vyant Bio notes that it’s already started the delisting process by sending Form 25 to the Securities and Exchange Commission (SEC). It will file form Form 15 with the SEC after its delisting to suspend its reporting obligations to the agency.
Vyant Bio says that the delisting and deregistration are in the best interest of the company. It will reduce operating expenses, which will allow it to continue seeking alternative options, or proceed with a wind-down of the company.
What This Means for VYNT Stock
Even after the company’s shares are delisted, it expects them to continue to trade on the Pink Open Market operated by OTC Markets. The company says it will also continue to provide information to investors still holding the shares after the delisting.
With today’s news, some 214,000 shares of VYNT stock have changed hands. That’s already above its daily average trading volume of about 46,000 shares. This comes as investors sell the stock on delisting news.
VYNT stock is down 34.6% during Tuesday’s pre-market trading.
Investors can find even more of the latest stock market news down below!
We’ve got all of the most recent stock market news worth reading about on Tuesday! A few examples include what’s moving shares of Spectrum Pharma (NASDAQ:SPPI) and Virios Therapeutics (NASDAQ:VIRI) stock, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
More Tuesday Stock Market News
- Why Is Spectrum Pharmaceuticals (SPPI) Stock Up 35% Today?
- Why Is Virios Therapeutics (VIRI) Stock Up 92% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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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.
