DermTech (NASDAQ:DMTK) stock is falling on Monday as investors prepare for the molecular diagnostic company’s shares to be delisted later this week.
DermTech received a notice from the Listing Qualifications Department of the Nasdaq Exchange notifying it of its delisting. That will see its shares suspended from trading when markets open on Thursday.
DermTech notes that it doesn’t have any intention to appeal the decision made by the Listing Qualifications Department. It also doesn’t provide investors with details about what will happen to DMTK stock after the delisting.
What’s Behind the DMTK Stock Delisting
Shares of DMTK stock are being delisted from the Nasdaq Exchange due to the company’s recent Chapter 11 bankruptcy filing. This means it is no longer compliant with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1.
News of the delisting brings with it heavy trading of DMTK stock today as investors sell the shares. More than 2.5 million shares are changing hands as of this writing, well above its daily average trading volume of about 1.4 million shares.
DMTK stock is down 25.7% as of Monday morning. The stock was also down 93.1% year-to-date when markets closed on Friday.
Investors on the lookout for more of the most recent stock market stories will want to stick around!
We have all of the hottest stock market news traders need to know about on Monday! A few examples include what’s going on with shares of Sunrise New Energy (NASDAQ:EPOW) and Agrify (NASDAQ:AGFY) stock, as well as the biggest pre-market stock movers this morning. All of that info is ready to go at the links below!
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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.
