BLCM - Why Is Aptorum (APM) Stock Down 16% Today?
2023-05-08 08:43:57 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Aptorum (NASDAQ: APM ) stock is falling on Monday after the biopharmaceutical company received a delisting notice from the Nasdaq .
The reason given for the delisting notice is Aptorum failing to maintain proper equity to remain on the Nasdaq Global Market. According to the filing, the company’s equity dropped to $7,833,305 at the end of 2022. $10 million is required to remain on the exchange.
The filing notes that Aptorum has until June 20, 2023, to submit a plan to regain compliance. If the exchange accepts that plan it would give the company until Oct. 31, 2023, to regain compliance with listing requirements.
What This Means for APM Stock
Aptorum’s options include regaining compliance or moving to another exchange. The company says if it fails to regain compliance, then it will consider moving shares of APM stock to the Nasdaq Capital Market.
Investors will note that APM stock went through a rally when the delisting notice was initially announced on Friday. That saw it closing out trading up 11.2% with some 621,000 shares changing hands. For comparison, the company’s daily average trading volume is about 322,000 shares. Its trading volume as of Monday morning is well below that at roughly 11,000 shares.
APM stock is down 15.9% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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