VIQ Solutions (NASDAQ:VQS) stock is rising higher on Tuesday even as the shares prepare to be delisted later this week.
Shares of VQS stock are set to stop trading on the Nasdaq Exchange on Thursday. This delisting comes as the company is unable to keep the price of its stock high enough to meet the $1 minimum bid requirement.
VIQ Solutions was first sent a notice about its delisting back in September 2022. The company appealed the decision in order to work toward regaining compliance. However, it failed to do so and got a final delisting notice on Sept. 26, 2023.
Here’s what VIQ Solutions said about its decision not to appeal the delisting notice:
“The Company estimates that its annual costs to maintain a dual listing are approximately $1.3M and are expected to increase significantly in the coming years due to SOX and ESG compliance and other requirements. The decision to delist from Nasdaq is consistent with the Company’s previously announced cost-saving measures.”
What This Means for VQS Stock
With this news, investors can expect VQS stock to stop trading on the Nasdaq Exchange come Thursday. Even so, the company will continue to list its shares on the Toronto Stock Exchange under that same ticker.
Investors will note that VQS stock is seeing heavy trading on Tuesday ahead of that delisting. This has more than 12 million shares of the stock changing hands. For comparison, its daily average trading volume is about 112,000 shares.
VQS stock is up 57.3% as of Tuesday morning.
Investors looking for even more of the most recent stock market news will want to keep reading!
We’re offering up all of the latest stock market stories worth reading about today. That includes the biggest pre-market stock movers this morning, what’s happening with shares of FingerMotion (NASDAQ:FNGR) stock and more. All of that news is ready to go at the links below!
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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.
