F45 Training (NYSE:FXLV) stock is falling hard on Tuesday after the fitness company announced plans to voluntarily delist its shares.
According to a press release from the company, this delisting comes after the New York Stock Exchange alerted the company that it isn’t in compliance with listing rules. This has to do with it being behind on public filings, as well as its share price being too low.
After being sent the NYSE notice, F45 Training evaluated its options and decided it would be better to go dark than remain listed. The company notes that this also suspends its reporting obligations under the Securities Exchange Act of 1934.
One of the benefits for the company of doing this is no longer having to pay the fees associated with public reporting. It says that this will allow it to better focus on the company’s business and long-term growth.
What This Means for FXLV Stock
Considering that shares of FXLV stock are being delisted, investors will no longer be able to publicaly trade them. The company says that it will file the delisting on Aug. 24, 2023 and that shares will likely be delisted on Sept. 3, 2023.
With this news comes some 271,000 shares of FXLV stock changing hands. For the record, its daily average trading volume is around 443,000 shares. The stock is also down 65.4% as of Tuesday morning.
There’s more stock market news traders will want to know about below!
We’ve got all of the hottest stock market news that traders need to know about on Tuesday! A few examples include why shares of G Medical Innovations (NASDAQ:GMVD) and Delcath Systems (NASDAQ:DCTH) stock are up today, as well as the biggest pre-market stock movers this morning. All of that info is ready at the following links!
More Tuesday Stock Market News
- Why Is G Medical Innovations (GMVD) Stock Up 32% Today?
- Why Is Delcath Systems (DCTH) Stock Up 72% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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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.
