Motus GI (NASDAQ:MOTS) stock is falling on Friday following a warning that the medical technology company is in danger of being delisted.
Motus GI got a delisting notice from the Listing Qualifications Staff of the Nasdaq Exchange on April 5. In that notice, the company was warned about a potential delisting due to its low share price.
Shares of MOTS stock have been trading for less than $1 each for over 30 business days, which means the company is not complying with the minimum bid to remain listed on the exchange.
On that same note, Motus GI has enacted reverse stock splits with a ratio of 250 shares or more to one over the last year. That makes it ineligible for a compliance period to regain the $1 minimum bid.
What This Means for MOTS Stock
Motus GI has until today to request a hearing with the Nasdaq Exchange to try and avoid delisting. However, the company doesn’t believe it can regain compliance and is choosing not to seek a hearing.
As a result, shares of MOTS stock will stop trading on the Nasdaq Exchange when markets open on Tuesday. This will result in its shares switching over to the OTC Pink Market of the OTCMarkets. It intends to apply for listing on the Over-The-Counter Quotation Bureau (OTCQB).
Finally, Motus GI says it is exploring a range of strategic options to maximize shareholder value while speeding up the commercialization of its Pure-Vu System.
MOTS stock is down 37.1% as of Friday morning.
There are more stock market stories traders are going to want to read about!
Fortunately, we have a full list of stock market happenings worth reading on Friday! A few examples include what’s sending shares of Allarity Therapeutics (NASDAQ:ALLR) and PaxMedica (NASDAQ:PXMD) stock higher, as well as the biggest pre-market stock movers this morning. All of that info is available below!
More Friday Stock Market News
- Why Is Allarity Therapeutics (ALLR) Stock Up 41% Today?
- Why Is PaxMedica (PXMD) Stock Up 93% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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.
