Joann (NASDAQ:JOAN) stock is falling on Monday as investors wait for the craft supplies company’s shares to be delisted following its recent bankruptcy filing.
This will result in shares of JOAN stock no longer trading on the public market once Thursday rolls around. That’s due to it no longer being compliant with market rules Nasdaq Listing Rules 5101, 5110(b) and IM‑5101-1.
Joann is aware of the delisting notice and doesn’t plan to appeal the exchange’s decision. That will see trading suspended when markets open on Thursday. It will also result in a Form 25-NSE being filed with the Securities and Exchange Commission (SEC) to delist shares of JOAN stock.
JOAN Stock Movement on Monday
As is to be expected, shares of JOAN stock aren’t faring well on Monday alongside the delisting news. This has more than 248,000 shares traded as of this writing. For the record, the company’s daily average trading volume is still above that at roughly 956,000 shares.
JOAN stock is down 10.6% as of Monday morning. The company’s stock closed out Friday down 71.9% since the start of the year. JOAN shares are likely to continue to fall leading up to its delisting later this week.
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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.
