Socket Mobile Inc. (NASDAQ:SCKT) shares fell 30.25% to $0.36 in after-hours trading Tuesday.
Socket Mobile develops data capture and delivery solutions, including cordless barcode scanners and contactless readers, for workplace productivity across retail, transportation, manufacturing and other industries.
Nasdaq Delisting Plan
Socket Mobile announced Tuesday that its board approved a plan to voluntarily delist its common stock from the Nasdaq Capital Market and transition its shares to the OTCID Market operated by OTC Markets Group.
The company said the decision followed an evaluation of strategic alternatives, market capitalization and operating costs. It cited legal, accounting, compliance and listing fees associated with maintaining a Nasdaq listing.
Socket Mobile said the move is expected to reduce administrative and regulatory expenses, allowing it to redirect capital toward product development and operations.
The company said OTC Markets Group confirmed it meets the onboarding qualifications for OTCID quotation.
Socket Mobile plans to file a Form 25 with the Securities and Exchange Commission on or around Nov. 9. Nasdaq trading is expected to cease at the close of regular trading on Nov. 18, with OTCID quotation expected to begin around Nov. 19, subject to applicable requirements.
Trading Metrics
Socket Mobile has a market capitalization of approximately $4.31 million.
Over the past year, Socket Mobile shares have fallen 45.64%.
The stock has traded between a 52-week high of $2.76 and a low of $0.38.
Benzinga’s Edge Stock Rankings show a negative price trend across short-, medium- and long-term time frames.
Price Action: In the regular session, Socket Mobile shares rose 4.75% to close at $0.52 on Tuesday.
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