Charge Enterprises Announces Decision Of Nasdaq Hearings Panel To Delist Common Shares As Of The Opening Of Business On February 29, 2024
Portfolio Pulse from Happy Mohamed
Charge Enterprises, Inc. (NASDAQ:CRGE) announced its common shares will be delisted from Nasdaq as of February 29, 2024, following a denial of an extension request to regain compliance with Nasdaq's listing rules. The company's stock had been trading below $1.00 for 30 consecutive business days and recently fell below $0.10. Charge Enterprises does not plan to appeal the decision and expects its stock to be quoted on the OTC Pink Market post-delisting.
February 22, 2024 | 10:03 pm
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Charge Enterprises, Inc.'s common shares will be delisted from Nasdaq on February 29, 2024, due to non-compliance with listing rules, specifically for trading below $1.00 and then $0.10. The stock will transition to the OTC Pink Market.
The delisting of CRGE from Nasdaq is a significant negative event as it reflects the company's failure to meet minimum listing standards, specifically regarding its stock price. Delisting often leads to reduced liquidity and investor interest, which can further depress the stock price. The transition to the OTC Pink Market is typically viewed as a move to a less prestigious and less regulated exchange, which may deter institutional investors and reduce trading volumes.
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