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Why is Waitr (ASAP) stock down 23% today?

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Waiter (NASDAQ:as quickly as possible) Shares fell hard on Wednesday after the company said it had no plans to appeal a Nasdaq delisting.

According to a U.S. Securities and Exchange Commission (SEC) filing, the company is not in compliance with the $1 minimum bid required for the Nasdaq Capital Market. As a result, the stock will be delisted from the stock exchange.

This delisting notice follows one the company received on January 26, 2022. It then received extensions from Nasdaq in the following months to remain listed. Although the company has the option to appeal the current debarment notice, it chooses not to.

What’s next for ASAP Stock?

Waitr notes that ASAP shares will be delisted from the Nasdaq Capital Market on February 2, 2023. At the same time, the company’s shares will move to OTCQB venture capital market. They will continue to trade under the ticker symbol ASAP after the move.

ASAP stock trading is light at the time of this writing with only around 66,000 shares in motion. That’s well below the company’s average daily volume of around 380,000 shares. Activity is likely weak as the company has already lost much of its value over the past year.

ASAP stock is down 22.8% on Wednesday morning and 95.2% over the past 52 weeks.

Investors looking for information on today’s latest stock market news are in luck!

We have all the latest stock market news traders need to know on Wednesday! Some examples include what has shares of esports entertainment (NASDAQ:GMBL) and InPixon (NASDAQ:INPX) stocks, as well as the biggest pre-market stock moves this morning. All this news is ready to go on the links below!

More Wednesday stock market news

As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

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