Vaxxinity (NASDAQ:VAXX) stock is falling hard on Monday after the biotechnology company announced plans to voluntarily delist its shares from the Nasdaq Exchange.
Vaxxinity will file to delist its shares on April 29, 2024. The company expects this to result in its final day of trading on the Nasdaq Exchange being May 9, 2024.
Vaxxinity is voluntarily delisting its shares due to a delisting notice it received in February. This gave the company until Aug. 7, 2024, to get its share price back above the $1 minimum required for compliance.
However, Vaxxinity is delisting its shares early to reduce its obligations. It notes that this will save money compared to staying on the exchange.
What That Means for VAXX Stock
Just because Vaxxinity is voluntarily delisting its shares doesn’t mean the stock will disappear. Instead, the company expects its shares to trade on the OTC Markets after May 9.
VAXX stock is down 58% as of Monday morning, with more than 278,000 shares traded. That’s still below its daily average trading volume of about 447,000 shares.
Investors seeking out even more of the most recent stock market stories are going to want to stick around!
We have all of the hottest stock market stories that traders need to know about on Monday! A few examples include why shares of OLB Group (NASDAQ:OLB) and Moolec Science (NASDAQ:MLEC) stock are up today. As well as the biggest pre-market stock movers this morning. All of this info is ready to go at the links below!
More Monday Stock Market News
- Why Is OLB Group (OLB) Stock Up 27% Today?
- Why Is Moolec Science (MLEC) Stock Up 121% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
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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.
