Vaxxinity Inc VAXX shares are trading lower by 10% to $0.24 during Tuesday’s session. The stock is trading lower on continued volatility after the company announced its intention to voluntarily delist and deregister its Class A common stock.
What Else?
Vaxxinity has decided to delist from Nasdaq due to non-compliance with the minimum bid price requirement. This move aims to tackle low trading activity, which the company says has been an obstacle in raising capital and attracting investors. By delisting and deregistering, the company says it can concentrate its resources on research and development without being distracted by stock price fluctuations.
The delisting is set to occur around May 9, followed by potential trading on over-the-counter markets. Vaxxinity will file the required forms with the SEC to finalize these changes and suspend reporting obligations.
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According to data from Benzinga Pro, VAXX has a 52-week high of $3.10 and a 52-week low of $0.19.
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