TMPO stock is falling ahead of its delisting
Oct 31, 2023, 8:24 am EST
Tempo Automation (NASDAQ:TMPO) stock is falling on Tuesday as investors prepare for the electronics manufacturing company’s shares to be delisted.
According to a press release from Tempo Automation, shares of TMPO stock will be delisted from the Nasdaq on Thursday. That comes after the company received several delisting warnings from the exchange’s Listing Qualifications Department.
Tempo Automation is being delisted for a few reasons. That includes the market value of its listed securities remaining below $50 million for 30 consecutive business days. The company also hasn’t filed a Form 10-Q in a timely manner, which is another reason for its delisting.
While Tempo Automation was given the opportunity to appeal the Nasdaq’s decision, it has decided against that. As a result, its shares will be suspended on Thursday morning and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission (SEC) to delist its shares from the Nasdaq.
As one might expect, TMPO stock investors aren’t happy about this news. That has resulted in a selloff of the company’s stock this week. That negative movement is likely to continue until the shares are delisted on Thursday.
TMPO stock is down 22.7% as of Tuesday 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.