BYND Cannasoft Enterprises (NASDAQ: BCAN) stock plummeted 12% on Wednesday after the company announced voluntary delisting from the Canadian Securities Exchange.
BYND Cannasoft (BCAN) has voluntarily delisted its common shares from the Canadian Securities Exchange (CSE). The company confirmed that this delisting will not affect its listing on the NASDAQ Capital Market, where its common shares will continue to trade under the symbol “BCAN.”
This move comes as the company believes that the trading volume of its shares on the CSE no longer justifies the costs and administrative efforts required to maintain a dual listing. BYND Cannasoft anticipates that this delisting will consolidate trading to the NASDAQ, ultimately improving long-term liquidity and shareholder value.
BYND common shares will be delisted and become unavailable for trading on the CSE after the close of trading on or around March 14, 2024.
The development comes after BYND Cannasoft revealed the pricing of its underwritten public offering to raise around $7 million before fees and expenses. The offering comprises over 116 million units priced at $0.06 each, with an alternative option for pre-funded warrants at $0.0599.
BYND Cannasoft (NASDAQ: BCAN) Stock Price Action
BCAN stock plunged 11.69% to close at $0.03 on Wednesday. The traders had exchanged hands with 67,403,493 (67.40 million) shares compared to the average daily trading volume of 2.88 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
