Shares of Charge Enterprises (NASDAQ: CRGE), an electric vehicle charging company, have taken a nosedive following the announcement of a delisting update from the Listing Qualifications Department of the Nasdaq Exchange.
The Nasdaq Exchange will delist Charge Enterprises (CRGE) stock when markets open on February 29. This decision follows the company’s inability to maintain the minimum bid requirement of $1 for its shares.
The company already sought a 180-day extension to bolster its efforts to reclaim its share price above the $1 minimum threshold. However, the Listing Qualifications Department of Nasdaq Exchange has denied this request.
Charge Enterprises has announced that it will not contest the decision of the Listing Qualifications Department, signaling its acceptance of the impending delisting.
However, this does not imply the complete disappearance of CRGE stock. Following the delisting, Charge Enterprises plans to transition its shares to trade on the OTC Pink Market, maintaining the same CRGE ticker.
Charge Enterprises (NASDAQ: CRGE) Stock Performance
CRGE stock plummeted 25.96% to close at $0.05 on Friday. The traders had exchanged hands with 66,375,043 (66.37 million) shares compared to the average daily trading volume of 18.15 million.
