Imedia Brands (NASDAQ:IMBI) stock is taking a beating on Friday after the company revealed it received a new delisting notice from the Nasdaq Exchange.
The Listing Qualifications Department for the Nasdaq Exchange is delisting shares of IMBI stock and the company’s 8.5% senior notes due 2026. It’s taking this action after iMedia Brands filed for Chapter 11 bankruptcy near the end of June.
This isn’t the first time that iMedia Brands has received a delisting notice from the Nasdaq. It was also sent notices on May 3, 2023, and June 16, 2023. Those notices were due to the company not filing earnings results in a timely manner.
What This Means for IMBI Stock
With the Nasdaq’s latest decision, shares of IMBI stock and the 8.5% senior notes due 2026 will stop trading next week. When markets open on Monday, the Nasdaq will make the necessary filings to remove the stock from its exchange.
Imedia Brands notes that its bankruptcy filing allows the company to continue its exploration of strategic alternatives. That means it will continue to prepare for a sale of the company using Chapter 11 bankruptcy protection.
As far as stock movement this morning goes, around 1.6 million shares of IMBI have changed hands. That’s still below its daily average trading volume of about 5 million shares. With that movement comes a 12.6% drop in the price of IMBI shares.
Investors seeking out even more of the most recent stock market news will want to keep reading!
We have all of the latest stock market coverage that traders will want to read about on Friday! A few examples include what has shares of Bluejay Diagnostics (NASDAQ:BJDX) and Gorilla Tech (NASDAQ:GRRR) stock rising, as well as a breakdown of the biggest pre-market stock movers this morning. You can find all of this news at the following links!
More Friday Stock Market News
- Why Is Bluejay Diagnostics (BJDX) Stock Up 17% Today?
- Why Is Gorilla Tech (GRRR) Stock Up 83% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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.
