Minerva Surgical (NASDAQ:UTRS) stock is taking a beating on Monday after the women’s healthcare company announced that its shares will be delisted later this month.
According to a filing with the Securities and Exchange Commission (SEC), the company’s shares will no longer trade on the Nasdaq Exchange starting on Dec. 29. This will follow a Form 25 filing with the SEC on Dec. 26. It will follow this up with a Form 15 filing on Jan. 4, 2024.
Investors will note that these filings won’t require the company to publicly release earnings data. The company says that this will see it go dark when it comes to reporting performance. It also says that these changes will remove the burdens that come with filing with the SEC and remaining a public entity.
Minerva Surgical says the following about its delisting in a press release:
“These time and expense savings can be used to execute the Company’s operating plan, thus better enabling the Company to focus on its customers, its business and the patients whose lives are enhanced as a result of its work. With a more streamlined cost profile, the Company will be better able to invest in its business and focus on reducing its cash burn, and thus provide a future benefit to the Company’s stockholders.”
UTRS Stock Movement Today
With this delisting announcement comes some 26,000 shares of UTRS stock changing hands. That’s still below its daily average trading volume of about 41,000 shares. It’s also worth noting that UTRS is down 50% as of Monday morning.
Investors seeking out even more of the latest stock market stories are in the right place!
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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.
