Orbital Infrastructure (NASDAQ:OIG) stock is taking a beating on Thursday after getting hit with a delisting warning from the Nasdaq Exchange.
The big news here is the company’s late filing of its Form 10-Q for the quarter that ended on June 30, 2023. Without this filing, Orbital Infrastructure is in violation of Nasdaq Listing Rule 5250(c)(1). That means the Nasdaq Hearings Panel will be evaluating the company for a potential delisting.
Investors will also note that this isn’t the first delisting notice Orbital Infrastructure has received lately. The company was also sent a delisting notice back in December giving it 180 business days to regain compliance. It failed to do so before the June 26 deadline.
What This Means For OIG Stock
Normally, a company is given 15 days after a notice to schedule a meeting with the Nasdaq Hearings Panel. However, considering the other delisting warning, Orbital Infrastructure is only being given seven days to set up a meeting. Considering when it was given the delisting notice, that means the company has until tomorrow to do so.
Looking at how things are going for OIG stock, it’s entirely possible the company’s shares will be delisted in the near future. That makes it a risky investment for traders since it may not remain on the Nasdaq Exchange for much longer.
OIG stock is down 27.5% as of Thursday morning with some 69,000 shares on the move. For comparison, its daily average trading volume is around 41,000 shares.
Investors looking for more of the most recent stock market news today are going to want to stick around!
We have all of the biggest stock market stories traders need to know about on Thursday! A few examples include why shares of Esports Entertainment (NASDAQ:GMBL) and Bruush Oral Care (NASDAQ:BRSH) stock are up today, as well as the biggest pre-market stock movers this morning. All of that news is available at the following links!
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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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