Kaspien (NASDAQ:KSPN) stock is taking a beating on Tuesday after the e-commerce software company announced plans to delist its shares.
According to a press release, Kaspien has sent a notice to the Nasdaq about its delisting. The company has also prepared a filing for the Securities and Exchange Commission (SEC) for the voluntary delisting of its shares.
Kaspien notes that it will file that notice to the SEC at the start of June. This has the company anticipating the delisting of KSPN stock from the Nasdaq Exchange on June 12, 2023. This follows delisting notices received from the company over its minimum bid price and minimum stockholders’ equity.
What’s Next for KSPN Stock?
While its shares are being delisted from the Nasdaq, KSPN stock won’t disappear completely. The company says it intends to file paperwork so that its shares can continue to trade on one of the exchanges operated by OTC Markets Group Inc.
Kaspien notes that it expects benefits from delisting from the Nasdaq. Among them are lower operating costs, as well as management spending less time dealing with compliance issues. It says remaining on the Nasdaq would have required significant costs.
KSPN stock is down 26.4% as of Tuesday morning.
There’s even more stock market news traders will want to read about below!
We’ve got all of the biggest stock market stories traders need to know about on Tuesday! A few examples include why shares of Applied UV (NASDAQ:AUVI) and HeartCore Enterprises (NASDAQ:HTCR) stock are up, as well as the biggest pre-market stock movers for today. All of that is ready at the following links!
More Tuesday Stock Market News
- Why Is Applied UV (AUVI) Stock Up 25% Today?
- Why Is HeartCore Enterprises (HTCR) Stock Up 58% 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.
