By Katherine Hamilton
Paranovus Entertainment Technology shares slid after the company said it was being delisted from the Nasdaq exchange.
The stock fell 17% to $1.68 in after-hours trading Monday. Through the close shares had lost 99% of their value this year.
The New York e-commerce solutions company said it received notification from Nasdaq that the platform has determined to delist its Class A shares.
On July 11, Nasdaq told the company its bid price had closed at less than $1 a share more than the previous 30 consecutive business days and, as a result, didn't comply with another listing rule.
Paranovus was given 180 calendar days, or until Jan. 7, to regain compliance.
As of Dec. 15, Nasdaq determined Paranovus's securities had a closing bid price of 10 cents or less for 10 consecutive trading days, making it uncompliant with another rule.
The company has until Dec. 24 to request an appeal. Paranovus said it intends to request an appeal before that date, which will stay the suspension of its securities.
Paranovus initiated a reverse stock split at a 1:100 ratio on Dec. 18 to regain compliance.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 22, 2025 17:32 ET (22:32 GMT)
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