Why Is LumiraDx (LMDX) Stock Down 13% Today?


  • LumiraDx (LMDX) stock is falling on Monday as it closes in on delisting.
  • The Nasdaq Exchange intends to delist the shares on Tuesday.
  • This is due to the stock’s low trading price and other news.
LMDX Stock - Why Is LumiraDx (LMDX) Stock Down 13% Today?

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LumiraDx (NASDAQ:LMDX) stock is taking a beating on Monday as investors prepare for the point-of-care diagnostics company’s shares to be suspended tomorrow.

LumiraDx notes that shares of LMDX are going to be suspended from the Nasdaq Exchange at the start of business on Tuesday. This is due to the company failing to follow the exchange’s listing rules. In this case, it can’t keep its shares above the $1 minimum bid price.

LumiraDx initially planned to appeal the Nasdaq decision but withdrew its appeal. This came after it was revealed that two joint administrators of two of its subsidiaries are planning a sale.

LumiraDx notes that these administrators control LumiraDx Group Limited and LumiraDx International Limited, which together hold all of its assets. The administrators have agreed to sell certain companies connected to LumiraDx’s point-of-care technology to Roche (OTCMKTS:RHHBY).

What This Means for LMDX Stock

Following all of the proper actions on Tuesday, the Nasdaq will file a Form 25 on Tuesday morning. That will result in shares of LMDX stock being delisted from the exchange.

With that news comes strong trading of LMDX stock on Monday. As of this writing, more than 12.9 million shares have changed hands. That’s closing in on its daily average trading volume of about 20.5 million shares.

LMDX stock is down 12.8% as of Monday morning.

Investors looking for even more of the latest stock market stories are in luck!

InvestorPlace is home to all of the hottest stock market news worth reading about on Monday! A few examples include what’s going on with shares of Cellectar Biosciences (NASDAQ:CLRB) and Harpoon Therapeutics (NASDAQ:HARP) stock, as well as the biggest pre-market stock movers this morning. All of that info is ready to go at the links below!

More Monday Stock Market News

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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.

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