Troika Media (NASDAQ:TRKA) stock is moving on Friday after the company received a delisting notice from the Nasdaq Exchange.
Shares of TRKA stock are at risk of being delisted due to its noncompliance with Nasdaq listing rules. Specifically, the company’s inability to keep its shares above the minimum $1 bid price is the cause of this notice.
Troika Media says that it intends to appeal the exchange’s decision with the Nasdaq Hearings Panel. The company says that hearing dates usually take place 30 days to 45 days after a request.
What’s Next For TRKA Stock?
It seems unlikely that TRKA stock will be delisted due to this recent news. The company has already laid out plans to conduct a reverse stock split. Doing so would allow it to boost the price of its shares above the $1 minimum bid requirement.
Troika Media hasn’t revealed the details of the reverse stock split just yet. However, it let investors know that it intends to provide them with insight into its plans in the next few days. That means traders will likely hear more on this matter next week.
Shares of TRKA stock fell as much as 18% during pre-market trading on Friday. Despite that, the company has received from this dip and is currently trading slightly higher than yesterday’s close as of this writing. This follows a 14.2% drop yesterday when the delisting news was initially announced.
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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.
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