ENJY - Enjoy Technology shares tumble toward zero ahead of delisting

The Ron Johnson-led Enjoy Technology ( NASDAQ: ENJY ) fell rapidly back to earth as the Nasdaq readies to delist the name on Monday.

The stock fell about 50% in afternoon trading on the Nasdaq, erasing significant surges in recent days. On both Wednesday and Thursday, shares made a Revlon-like move to the upside, marking gains of over 81% and 35% respectively. Trading volume has also been significantly above average in recent days, in a pattern familiar for Chapter 11 filers in recent years.

However, the momentum the upside was far more short-lived than its insolvent cosmetics contemporary.

According to a Nasdaq notice, shares will be delisted at the market open on Monday, July 11 due to its recent bankruptcy filing. The stock traded publicly for less than one year after a SPAC IPO.

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