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Why Is Near Intelligence (NIR) Stock Down 20% Today?

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  • Near Intelligence (NIR) stock is falling on an updated filing.
  • The company is dealing with several problems, such as a delisting warning.
  • It also warned investors not to rely off of its prior earnings data.
NIR Stock - Why Is Near Intelligence (NIR) Stock Down 20% Today?

Near Intelligence (NASDAQ:NIR) stock is sliding lower on Friday after the cloud-based data intelligence company released a supplement to a prospective offering.

That supplement provides several updates that the company’s investors need to know about. This includes a committee of the Board earlier this week to tackle allegations of financial mismanagement by CEO Anil Mathews and CFO Rahul Agarwa.

In addition to that, Near Intelligence notes that it determined this week that its prior financial statements shouldn’t be relied on. That includes earnings data reported in 2020, 2021 and 2022. This also includes financial data for the first two quarters of 2023. This comes as the company warns prior revenues may have been overstated.

More Trouble for NIR Stock

Investors will also remember that NIR stock is in danger of being delisted. The company isn’t compliant with Nasdaq listing standards on several accounts. That includes trading below the minimum bid price, problems with its market value of publicly held shares and issues with its market value of listed securities.

All of this is bad news for NIR stock and could continue to weigh on the company in the upcoming weeks. It’s also affecting investor morale, which helps explain why shares of NIR stock are down 19.9% as of Friday morning.

Investors looking for more of the most recent stock market news will want to keep reading!

We’re offering up all of the biggest stock market news that traders need to know about on Friday! That includes everything happening with shares of Omniq (NASDAQ:OMQS) stock, RVL Pharmaceuticals (NASDAQ:RVLP) stock and Vaccinex (NASDAQ:VCNX) stock today. You can catch up on these matters at the links below!

More Stock Market News for Friday

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.

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