Benzinga
- Share prices plummet over 60% following delisting news, landing on $1,5. All time high (08/2021) was $538.
- Part of a wider restructuring plan, as operational efficiencies improve as Clever Leaves slashes administrative costs.
Once a cannabis pioneer, Clever Leaves Holdings Inc. has announced its plan to voluntarily delist from NASDAQ and deregister its securities.
This financial move, approved by its Board of Directors, aims to terminate and suspend its reporting obligations to the Securities and Exchange Commission (SEC).
Out By May
Set to initiate the delisting process by filing a Form 25 with the SEC around May 6, Clever Leaves expects the final trading day of its securities on NASDAQ to be approximately May 16. Subsequently, the company will file a Form 15 to cease its reporting duties. This filing, effective 90 days post-submission, will end the company’s obligation to submit various SEC reports and forms, including Forms 10-K, 10-Q, and 8-K.
Impact on Investors
Investors holding shares or warrants of Clever Leaves should be aware that following the delisting, these securities will no longer trade on NASDAQ. While the securities can still be held, they may be traded over-the-counter (OTC), typically resulting in lower trading volumes and potentially less liquidity. Investors are advised to consult with their financial advisors to better understand the implications of the delisting on their investments and consider their options regarding holding or disposing of their shares.
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