Wejo (NASDAQ:WEJO) stock is rallying on Wednesday despite the electric vehicle (EV) data, analytics, and software-as-a-service company revealing a delisting notice.
That delisting notice comes from the Nasdaq and will see shares of WEJO stock delisted in the near future. The Nasdaq will also place a trading suspension on WEJO shares when markets open on Friday.
Investors will also note that Wejo has no intention of appealing the Nasdaq delisting decision. That makes sense as it’s the company’s own actions that have it facing delisting. Specifically, it won’t be in compliance with Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1.
These Nasdaq listing rules are connected to the company’s notice of intention to appoint an administrator in the High Court of Justice Business and Property Courts in Manchester. This comes as the company weighs ancillary insolvency proceedings for its businesses around the world.
What This Means for WEJO Stock
Considering the delisting notice and Wejo’s decision not to appeal it, investors are going to see shares of WEJO stock removed from the Nasdaq Exchange. That makes it somewhat surprising the company’s shares are soaring higher today.
It seems likely that WEJO stock is undergoing a pump today from retail traders trying to push shares higher. If that’s the case, investors should see WEJO stock lose much of its gains over the next couple of days.
Heavy trading also follows the penny stock today with some 12 million units on the move. That’s already well above its daily average trading volume of about 1.7 million shares. It also brings with it a 38.1% gain for WEJo stock as of Wednesday morning.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the biggest stock market coverage traders need to know about on Wednesday! That includes the biggest pre-market stock movers this morning, the latest concerning MicroVision (NASDAQ:MVIS) stock, and more. All of that news is ready to go at the links below!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- MVIS Stock Alert: There Are No MicroVision Shares Available to Short
- Why Are Gene Editing Stocks EDIT, NVTA, CRSP Up Today?
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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.
