TTS - Tile Shop Stock Crashes 68% on Plans to Delist
Shares of Tile Shop Holdings (NASDAQ: TTS) were down 67.8% at 1:52 p.m. EDT on Tuesday, following the company's announcement before trading today that it plans to delist from the Nasdaq Stock Market. According to the press release, the company " ... anticipates that the last day of trading on Nasdaq will be on or about November 8, 2019." Today's sell-off has moved Tile Shop squarely past small-cap territory, into the land of micro-cap stocks.
This announcement seems to have caught investors flat-footed and is driving enormous selling activity. At this writing, nearly 9 million shares have already traded hands, just under one-fifth of the company's entire float, in a single day.
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