Why Is Charge Enterprises (CRGE) Stock Down 41% Today?


  • Charge Enterprises (CRGE) stock is falling on Friday after announcing a delisting date.
  • The company’s shares will stop trading on the Nasdaq Exchange when markets open on Feb. 29.
  • That will see CRGE shares switch over to the OTC Pink Market.
CRGE Stock - Why Is Charge Enterprises (CRGE) Stock Down 41% Today?

Charge Enterprises (NASDAQ:CRGE) stock is falling hard on Friday after the electric vehicle (EV) charging company notified investors of a delisting update from the Nasdaq Exchange’s Listing Qualifications Department.

This notice has the company’s shares set to be delisted from the exchange when markets open on Feb. 29. This delisting comes as the company has failed to keep the price of CRGE shares above the $1 minimum bid requirement.

Investors will note that Charge Enterprises already applied for a 180-day extension to give it more time to get its share price back above the $1 minimum. However, the Listing Qualifications Department has rejected the company’s extension request.

What’s Next for CRGE Stock?

Charge Enterprises says that it won’t appeal the Listing Qualifications Department’s delisting decision. That means traders will see shares of CRGE stock be delisted this coming Thursday.

This doesn’t mean that CRGE stock will disappear completely. After that delisting goes into effect, Charge Enterprises will seek to have its shares traded on the OTC Pink Market under the CRGE ticker.

CRGE stock is down 41.2% as of Friday morning as investors sell the shares. That has more than 5 million units changing hands as of this writing. For comparison, the company’s daily average trading volume is about 18 million shares.

Investors who are seeking out even more of the most recent stock market stories are going to want to stick around!

We’re offering coverage of all the hottest stock market news traders need to know about on Friday! A few examples include what’s going on with shares of Telesis Bio (NASDAQ:TBIO), Beneficient (NASDAQ:BENF) and the biggest pre-market stock movers this morning. All of that news is available 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.

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