Kubient (NASDAQ:KBNT) stock is falling hard on Wednesday as investors prepare for the company’s shares to be delisted in the near future.
Kubient is voluntarily delisting its shares after struggling to regain compliance with Nasdaq listing standards. As a result, the company’s stock will be suspended from trading on the exchange starting on Nov. 17.
Following that suspension, Kubient will file a Form 25 with the Securities and Exchange Commission (SEC) for the delisting of its shares and warrants. The company says that its shares will be delisted no sooner than 10 days after this filing.
Kubient faced several problems with its listing that resulted in this decision. That includes its share price remaining below $1 for too long, as well as filing a timely filing of its Form 10-Q quarterly report. Kubient’s Board decided delisting was the best path forward for the company to avoid costs and other burdens connected to remaining public.
KBNT Stock Movement Today
Shares of KBNT stock are seeing heavy trading today as its delisting approaches. As of this writing, more than 215,000 shares have changed hands. For the record, the company’s daily average trading volume is about 163,000 shares.
KBNT stock is down 14.1% as of Wednesday morning.
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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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