Gamer Pakistan (NASDAQ:GPAK) stock is down on Friday after the esports company announced its shares will be delisted from the Nasdaq Exchange.
A news release from Gamer Pakistan notes that the Nasdaq Hearings Panel has denied its request to remain listed on the exchange. This is due to its noncompliance with the $1 minimum bid price required to remain on the exchange.
Gamer Pakistan CEO James Knopf said the following about the news:
“While we are disappointed in the Nasdaq delisting, this does not deter us from our long-term strategy of executing our business plan and creating stockholder value.”
What This Means for GPAK Stock
With this news, shares of GPAK stock will stop trading when markets open on Monday. The company says that it expects its shares to move to the OTC Markets Group platform once they are delisted from the Nasdaq.
Gamer Pakistan intends to apply to the OTCQB Market or other OTC markets soon. It also expects its shares to retain the GPAK stock ticker when they make the switch.
GPAK stock is down 43.3% as of Friday morning. That comes with roughly 558,000 shares traded. This is still below its daily average trading volume of about 1.1 million shares.
Investors will want to stick around for more of the most recent stock market stories 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
