Joann (NASDAQ:JOAN) stock is down on Wednesday as the craft supplies retailer prepares for its shares to be suspended tomorrow.
When markets open on Thursday, shares of JOAN stock will be suspended and then delisted from the Nasdaq. This is due to the company filing for bankruptcy earlier this month.
That bankruptcy filing has Joann no longer being compliant with several Nasdaq rules. It has also resulted in the JOAN stock falling hard since filing for bankruptcy.
Joann was made aware of the plans to delist its shares this week. The craft retailer took no action to appeal the exchange’s decision. Its current plan is to be privately owned after the bankruptcy is complete.
How This Affects JOAN Stock on Wednesday
Investors in JOAN shares are making one last ditch effort to sell the stock before tomorrow’s delisting. That brings with it heavy trading of shares. This has more than 1.7 million units changing hands as of this writing. That’s above its daily average trading volume of about 1.1 million shares.
JOAN stock is down 19.9% as of Wednesday morning and down 82.7% since the start of the year.
Investors searching for all of the latest stock market stories will want to stick around!
We have all of the biggest stock market news worth reading about on Wednesday! Among that is what has shares of Nio (NYSE:NIO), Canada Goose (NYSE:GOOS) and Rent the Runway (NASDAQ:RENT) stock moving today. All of this info is good to go at the links below!
More Stock Market News for Wednesday
- NIO Stock Alert: Nio Slashes Delivery Outlook on Weak Demand
- Canada Goose Layoffs 2024: What to Know About the Latest GOOS Job Cuts
- RENT Stock Alert: Rent the Runway Preps for a 1-for-20 Reverse Stock Split
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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.
