Semantix (NASDAQ:STIX) stock is falling hard on Friday after the software as a service (SaaS) company revealed plans to voluntarily delist its shares.
Semantix has notified the Nasdaq Exchange of its intention to delist shares from its Nasdaq Global Market. That includes both shares of STIX stock and the company’s warrants with an exercise price of $11.50 each.
According to a notice from Semantix, it will file the appropriate paperwork for its delisting on April 15. That means its final day of trading should be on April 12. It will follow this with a filing with the Securities and Exchange Commission (SEC) before April 30 to suspend its reporting obligations.
Semantix notes its board of directors decided on delisting after a thorough review of the company. That includes the delisting notices it had already received from the Nasdaq Exchange. It also took into account the reduced costs of operating without SEC filings or a Nasdaq listing.
What’s Next for STIX Stock
Semantix notes that its shares aren’t likely to completely disappear after the delisting. The company says that it expects them to continue to trade on the OTC Markets Group. There could also be private sales of the shares after the delisting.
STIX stock is down 47.1% as of Friday morning with more than 71,000 shares traded. That’s above its daily average trading volume of about 26,000 shares.
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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.
