ARC Group Worldwide, Inc., DeLand, Florida, USA, has notified The Nasdaq Stock Market LLC of its intent to withdraw its common stock from listing on the NASDAQ Capital Market. The delisting will become effective on July 22, 2019. The company’s businesses include substantial Metal Injection Moulding operations in the US and Hungary.
On April 18, 2019, the company reportedly received notification from the Listing Qualifications Department of NASDAQ that for the previous thirty consecutive business days, the bid price for its common stock had closed below the minimum $1.00 per share requirement for continued listing on NASDAQ under NASDAQ’s listing rules.
Having reviewed and assessed possible actions to meet the minimum bid requirement, ARC’s company management determined to voluntarily delist from NASDAQ. The company expects its common stock to continue to be quoted and traded on the OTC Markets Pink Open Market, and does not expect the delisting from NASDAQ and SEC deregistration transitions to adversely affect its business operations.