Aravive (NASDAQ:ARAV) stock is taking a beating on Thursday as the clinical-stage biopharmaceutical company prepares for its shares to be delisted from the Nasdaq.
A press release from Aravive reveals that the company is voluntarily delisting shares of its common stock. This comes after the Nasdaq sent several complaints to the firm. That includes complaints for not complying with the exchange’s Minimum MVLS Requirement, Minimum MVPHS Requirement and the Minimum Bid Price Requirement.
Aravive says that it intends to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) to enact its delisting. It will do so on Jan. 29 and expects shares of ARAV stock to be delisted on Feb. 8. It will also suspend public reporting obligations at that time.
What’s Next for ARAV Stock
Aravive notes that it has no intention of seeking an additional listing for its shares after leaving the Nasdaq. That makes sense, as the company doesn’t expect to be around for much longer.
The Board of Directors at Aravive approved the voluntary dissolution and liquidation of the company last week. This will see the board transfer all assets “through an assignment for the benefit of creditors.”
Today’s news has some 5.9 million shares of ARAV stock changing hands. For the record, the company’s daily average trading volume is below that at 4 million shares. The stock is also down 52.3% on Thursday morning.
Investors seeking out even more of the most recent stock market stories are in the right place!
We have all of the hottest stock market news that traders need to know about on Thursday! A few examples include why shares of Marpai (NASDAQ:MRAI) and Lytus Technologies (NASDAQ:LYT) stock are up today and the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
More Stock Market News for Thursday
- Why Is Marpai (MRAI) Stock Up 27% Today?
- Why Is Lytus Technologies (LYT) Stock Up 125% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
