Spark Networks (NASDAQ:LOV) stock is taking a beating on Friday with a forbearance period update and delisting notice.
Spark Networks note that it’s entered into a forbearance extension agreement that sets the termination date to July 14, 2023. This builds on multiple extension agreements between the company Zoosk and MGG Investment Group LP over the last several months.
As part of this agreement, Spark Networks has to come up with a fully integrated financial model approved by its board of directors by July 7. That includes its restructuring options. future capital, and liquidity requirements.
LOV Stock Delisting Notice
The Nasdaq Exchange has notified Spark Networks that its stock doesn’t meet certain listing requirements. That includes its minimum bid price, as well as stockholder equity of at least $2.5 million.
Due to these deficiencies, the Nasdaq Exchange rejected a request from Spark Networks to remain listed even with these issues. That would see its shares delisted at the start of business on June 30, 2023. The company says it is currently weighing if it wants to appeal the exchange’s decision.
Today’s news isn’t inspiring confidence in investors, but trading hasn’t picked up just yet. As of this writing, around 43,000 shares of the stock have changed hands. That’s still below its daily average of roughly 124,000 shares.
LOV stock is falling 41.6% as of Friday morning.
Investors seeking out even more of the most recent stock market news are going to want to keep reading!
We have all of the latest stock market news that traders will want to read about on Friday! A few examples of that include what’s moving shares of Castellum (NYSEMKT:CTM) and OncoSec Medical (NASDAQ:ONCS) stock, as well as the biggest pre-market stock movers this morning. You can catch up on all of that news at these links!
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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.
