1847 Holdings (NYSEMKT:EFSH) stock is taking a beating on Tuesday after the company received a delisting notice from NYSE American.
The problem comes from the company’s share price, which has been trading below the 20 cents minimum required to remain on the market. The company’s shares have been below this price for more than 30 days as well, which is enough to warrant the warning.
With this warning, 1847 has until Feb. 29, 2024 to adjust its stock price problem. The company can amend this issue by either increasing the price of its stock naturally or enacting a reverse stock split.
1847 has already revealed that it intends to go the latter route to fix its stock price. Shares of EFSH stock will undergo a 1-for-25 reverse stock split when markets open on Sept. 11, 2023. This should allow it to avoid delisting by increasing the price of shares above the required minimum.
EFSH Stock Movement Today
Following news of the delisting notice, shares of EFSH stock are seeing quite a bit of movement on Tuesday. As of this writing, more than 3.5 million shares have been traded. That’s roughly half of the company’s daily average trading volume of about 6.9 million shares.
EFSH stock is do1n 18.5% as of Tuesday morning and is down 94.7% since the start of the year.
Investors can find even more of the most recent stock market news down below!
We have all of the biggest stock market stories that traders need to know about on Tuesday! That includes why shares of TradeUP Acquisition (NASDAQ:UPTD) stock, Crown ElectroKinetics (NASDAQ:CRKN) stock and Helius Medical Technologies (NASDAQ:HSDT) stock are moving today. All of that news is ready to go at the links below!
More Stock Market News for Tuesday
- Why Is TradeUP Acquisition (UPTD) Stock Down 33% Today?
- Why Is Crown ElectroKinetics (CRKN) Stock Up 15% Today?
- Why Is Helius Medical Technologies (HSDT) Stock Up 47% Today?
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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.
