Surgalign Holdings (NASDAQ:SRGA) stock is taking a beating on Monday after the company revealed a delisting notice from the Nasdaq Exchange.
This delisting notice has to do with the company’s recent Chapter 11 bankruptcy filing. As a result of this filing, the company’s shares can no longer remain on the exchange. Surgalign says it doesn’t intend to appeal the exchange’s decision.
This means that trading of SRGA stock will be suspended when markets open on July 3. A form Form 25-NSE will then be filed to delist the company’s shares from the Nasdaq. Following that, the shares will begin trading over-the-counter (OTC) under the SRGAQ ticker.
SRGA Stock Bankruptcy Details
Surgalign’s bankruptcy has already reached an asset purchase agreement to sell its global hardware and biomaterials assets. The company also plans to hold an auction for its Digital Health business. Additionally, it has a stalking horse bidder for its hardware and biomaterials assets.
In addition to this, SRGA stock is seeing a decent amount of trading on Monday morning. As of this writing, more than 1.1 million shares have changed hands. To put that in perspective, its daily average trading volume is closer to 2 million shares.
SRGA stock is down 22.9% as of Monday morning.
Investors looking for even more of the most recent stock market news will want to keep reading!
We have all of the hottest stock market news that traders need to know about on Monday! A few examples include why shares of iMedia Brands (NASDAQ:IMBI) and INVO Bioscience (NASDAQ:INVO) stock are up, as well as the biggest pre-market stock movers this morning. Investors can read up on all of these matters at the following links!
More Stock Market News For Monday
- Why Is iMedia Brands (IMBI) Stock Up 36% Today?
- Why Is INVO Bioscience (INVO) Stock Up 82% 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 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.
