In a strategic move to address noncompliance with listing requirements, Kubient Inc, the cloud-based software platform for digital advertising, has decided a voluntary delisting of its stock and purchase warrants from the Nasdaq Capital Market. This decision has had an immediate impact on the company’s stock, which experienced a decline in trading on Tuesday.
As of yesterday’s closing, Kubient’s stock was valued at $0.22 per share. However, Tuesday’s trading saw a sharp drop, with the stock commencing at $0.13 per share.
At the time of this publication, Kubient Inc stock (KBNT) has witnessed a decline.
Kubient Inc
Current Price: $0.10
Change : -0.12
Change (%): (-54.13%)
Volume: 1.9M
Source: Tomorrow Events Market Data
This downturn follows the company’s announcement on November 7, 2023, notifying The Nasdaq Stock Market LLC of its intention to voluntarily delist its common stock and common stock purchase warrants from The Nasdaq Capital Market.
The delisting decision comes in the wake of multiple notices received by Kubient from Nasdaq regarding noncompliance with continued listing requirements. On January 12, 2023, the company received a deficiency notice from Nasdaq’s Listing Qualifications Staff, indicating a failure to maintain a minimum bid price of $1.00 per share, as required by Nasdaq Listing Rule 5550(a)(2). Subsequently, on August 22, 2023, another deficiency notice cited noncompliance with Nasdaq Listing Rule 5250(c)(1) due to a delayed filing of the Quarterly Report on Form 10-Q for the period ended June 30, 2023, with the Securities and Exchange Commission (SEC).
Following careful consideration, Kubient’s Board of Directors unanimously concluded that a voluntary delisting from The Nasdaq Capital Market is in the best interest of the company and its stockholders. The decision was primarily driven by the assessment that the significant costs and regulatory compliance burden associated with addressing Nasdaq’s noncompliance notices outweigh the benefits of remaining a Nasdaq-listed company.
The suspension of trading for Kubient’s warrants and common stock on the Nasdaq Capital Market is scheduled for the open of business on November 17, 2023. The company plans to file a Form 25 with the SEC around the same date, with the delisting taking effect no earlier than ten days thereafter.
In light of the Nasdaq delisting, Kubient anticipates its common stock will be quoted on the Pink Sheets or another market operated by OTC Markets Group Inc. (the “OTC”). The company intends to proactively provide information to its stockholders and take necessary actions to facilitate the quoting of its common stock on the Pink Sheets or another OTC market, ensuring the continuity of a trading market for its common stock. However, it is emphasized that there is no guarantee that brokers will continue to make a market in the common stock or that trading will persist on an OTC market or elsewhere. Investors are advised to closely monitor developments as Kubient navigates through this transitional phase in its market presence.
