Oncorus (NASDAQ:ONCR) stock is taking a beating on Monday after revealing plans for an upcoming special shareholder meeting.
According to a filing with the Securities and Exchange Commission (SEC), Oncorus is seeking investor attendance at the meeting to vote on certain matters. That includes the company’s liquidation and dissolution plan.
Oncorus says that approval would allow its board of directors to move forward with the liquidation and dissolution of the company. It also mentions that the board came to this decision after weighing the company’s current financial situation.
While Oncorus has reviewed the reason for the meeting, it hasn’t set a time yet. Instead, its SEC filing simply states that the shareholder meeting is set to take place sometime this year. Investors will want to keep an ear out for the final time of the meeting.
What This Means for ONCR Stock
The idea of Oncorus planning to liquidate and dissolve its business is bad news for ONCR stock. If that plans goes into action, it would no doubt result in shares of ONCR no longer existing. That easily explains why the company’s stock is falling this morning.
Likewise, this news has investors fleeing ONCR with more than 1 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is closer to 927,000 shares.
This also has ONCR stock falling 27.3% as of Monday morning.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Monday! A few examples include why shares of Chinook Therapeutics (NASDAQ:KDNY) and Auddia (NASDAQ:AUUD) stock are rising, as well as the biggest pre-market stock movers this morning. You can find out more on these matters at the following links!
More Stock Market News For Monday
- Why Is Chinook Therapeutics (KDNY) Stock Up 58% Today?
- Why Is Auddia (AUUD) Stock Up 95% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
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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.
