Surgalign Holdings (NASDAQ:SRGA) stock is on the rise Tuesday after the company recently received a delisting notice alongside its bankruptcy filing.
That delisting notice will result in the company’s shares being removed from the Nasdaq at the start of business on July 3. While the company has the option to appeal this decision, it has decided against doing so.
With that news comes volatility for SRGA stock as investors both offload and buy shares amid the chaos. That has resulted in the company’s shares taking an almost 19% beating during normal trading hours on Monday. That also came alongside heavy selling with some 6 million units on the move.
And that volatility continues on Tuesday as shares of SRGA stock are now up almost 10% this morning after seeing larger gains in early morning trading. That also comes with heavy trading as some 9 million shares change hands. For the record, the company’s daily average trading volume is closer to 2 million shares.
What the Bankruptcy Means for SRGA Stock
Surgalign Holdings notes that its stock won’t disappear completely from public markets following the delisting. Instead, its shares will switch to over-the-counter (OTC) trading once the Nasdaq delisting goes into effect. That will result in those shares changing to the new SRGAQ stock ticker.
SRGA stock is up 9.8% as of Tuesday morning.
Investors seeking out even more of the most recent stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, the latest on Bed Bath and Beyond (OTCMKTS:BBBYQ) and more. All of that news is ready to go below!
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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.
