Mobile Global Esports (NASDAQ:MGAM) stock is taking a beating on Monday after the company received a delisting notice from the Nasdaq Exchange.
The Nasdaq Listing Qualifications Staff alerted the company to its shares being delisted because its closing price was below $1 per share. That means it doesn’t meet the minimum bid requirement to remain on the exchange.
Mobile Global Esports was first notified of this issue on April 11, 2023. The company was given 180 trading days to adjust the price issue. After failing to do so, it was granted a 180-day extension.
Unfortunately for MGAM investors, Mobile Global Esports has failed to fix the problem with its share price since then. There’s also no option for further extensions to keep it on the Nasdaq Exchange.
What This Means for MGAM Stock
Mobile Global Esports says it won’t be appealing the delisting decision from the Nasdaq Listing Qualifications Staff. That will result in the company’s shares being delisted from the Nasdaq Exchange on Thursday.
Following this, shares of MAGM stock will switch over to the OTC Pink Sheets. It also intends to seek deals with additional market makers to allow for the trading of its shares.
MGAM stock is down 18.4% as of Monday morning. The shares were down 60% year-to-date when markets closed on Friday.
Investors will want to stick around for even more of the most recent stock market stories!
We have all of the hottest stock market news traders need to know about on Monday! That includes what’s happening with shares of Neumora Therapeutics (NASDAQ:NMRA) stock, Longeveron (NASDAQ:LGVN) stock and Hub Cyber Security (NASDAQ:HUBC) stock today. You can catch up on all of these matters at the links below!
More Stock Market News for Monday
- Why Is Neumora Therapeutics (NMRA) Stock Down 25% Today?
- Why Is Longeveron (LGVN) Stock Up 48% Today?
- Why Is Hub Cyber Security (HUBC) Stock Up 35% 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.
