Why Drive Shack Shares Are Getting Obliterated

Drive Shack Inc DS shares are trading lower by 20.8% to $0.19 Thursday morning after the company recently announced the intention to voluntarily delist and deregister its securities.

What Else?

Drive Shack intends to file an application for its common stock to be quoted on the OTCQX platform and intends to receive approval in the first quarter of 2023.

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Drive Shack says the company intends to continue to provide information to its stockholders and to take such actions to enable a trading market in its common stock to exist.

The company cites the reduction in time spent by management and employees complying with the requirements applicable to SEC reporting companies will enable them to focus more on managing the company's businesses, strengthening relationships with clients and vendors and growing stockholder value, with a focus on long-term growth without an undue distraction by short-term financial results and stock price movement.

According to data from Benzinga Pro, Drive Shack has a 52-week high of $1.97 and a 52-week low of $0.15.