Vaxxinity Inc (NASDAQ:VAXX) shares are trading lower by 47% to $0.25 during Monday's session after the company announced its intention to voluntarily delist and deregister its Class A common stock.
This decision follows non-compliance with Nasdaq's minimum bid price requirement and aims to address low trading value and volume, which hinder the company's ability to raise capital and attract investor interest. By delisting and deregistering, Vaxxinity intends to focus resources on research and development efforts without the distraction of stock price fluctuations.
The delisting is expected to take effect around May 9, with potential trading on over-the-counter markets afterward. The company plans to file necessary forms with the SEC to formalize these changes and suspend reporting obligations.
According to data from Benzinga Pro, VAXX has a 52-week high of $3.10 and a 52-week low of $0.19.