Why Is iMedia Brands (IMBI) Stock Down 13% Today?


  • Imedia Brands (IMBI) stock is falling alongside a delisting notice.
  • Shares of IMBI stock will stop trading when markets open on Monday.
  • This is in connection to its recent bankruptcy filing.
IMBI Stock - Why Is iMedia Brands (IMBI) Stock Down 13% Today?

Source: shutterstock.com/Gaurav Paswan

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

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risk.

Read More:Penny Stocks — How to Profit Without Getting Scammed

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/07/why-is-imedia-brands-imbi-stock-down-13-today/.

©2024 InvestorPlace Media, LLC