Movella (NASDAQ:MVLA) stock is falling on Thursday after the movement digitization company announced its voluntary delisting from the Nasdaq Global Market.
According to a filing with the Securities and Exchange Commission (SEC), Movella shares and warrants will be delisted from the exchange on April 11, 2024. The company expects its shares to start trading on OTC Markets Group after the Nasdaq delisting.
Movella notes that this decision was made after receiving a delisting notice from the Nasdaq Stock Market LLC. This was sent to the company due to its share price failing to stay above the minimum bid required on the exchange.
Adding to that is the company’s failure to file its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2023. While Movella was granted a listing extension to May 13, 2024, to address these issues, it has chosen voluntary delisting instead.
How This Affects MVLA Stock
Investors aren’t reacting well to the delisting update. While it’s true the shares will still be tradable after the delisting, the OTC Markets Group listing won’t demand near the same reputation that the Nasdaq one did.
MVLA stock is down 57.3% as of Thursday morning, with more than 1.3 million shares traded. The company’s daily average trading volume is below that at roughly 835,000 shares.
Investors seeking out more of the most recent stock market stories will want to stick around!
We have all of the hottest stock market news worth reading about on Thursday! A few examples include what’s happening with shares of Lufax (NYSE:LU), Signet Jewelers (NYSE:SIG) and Kaival Brands Innovations (NASDAQ:KAVL) stock today. All of that news is ready to go at the links below!
More Thursday Stock Market News
- Why Is Lufax (LU) Stock Up 46% Today?
- Trade of the Day: Buy the Bounce in Signet Jewelers (SIG) Stock
- Why Is Kaival Brands Innovations (KAVL) Stock Up 77% Today?
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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.
