IMBI - Why Is iMedia Brands (IMBI) Stock Up 36% Today?
2023-06-26 08:22:15 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
iMedia Brands (NASDAQ: IMBI ) stock is rising higher on Monday morning despite the company receiving another delisting notice from the Nasdaq Exchange .
According to a U.S. Securities and Exchange Commission (SEC) filing, the company was sent a second delisting notice in connection to its Form 10-Q for the period that ended April 29, 2023. The company has yet to file this report, which is what’s behind the delisting notice.
That filing covers the company’s annual report for the year that ended on Jan. 28, 2023. iMedia Brands received its first delisting notice connected to this issue on May 3, 2023. The company has until July 3, 2023 to submit a plan to regain compliance.
What This Means for IMBI Stock
Shares of IMBI stock aren’t going to be delisted anytime soon. Instead, the company’s plan would grant it another 180 trading days, or until Oct. 25, 2023, to regain compliance. Even if the Nasdaq rejects its plan, the company can extend its time on the market with an appeal to the Nasdaq Hearings Panel.
With this news, shares of IMBI stock are seeing extra activity on Monday morning. As of this writing, more than 8 million shares have changed hands. That’s well above its daily average trading volume of about 603,000 shares.
IMBI stock is up 35.6% as of Monday morning.
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On the date of publication, William White did not hold (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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