Pixie Dust Technologies Inc PXDT saw its shares plummet 40% to 61 cents Friday afternoon on downward momentum after the company this week announced the voluntary delisting of its ADRs from the NASDAQ Capital Market.
Pixie Dust Technologies says this move, driven by high costs associated with maintaining the listing and reporting obligations, aims to allow the company to focus on business growth.
The delisting is set to take effect on November 15, with the ADR program terminating on January 21, 2025. The company will also apply for deregistration with the SEC, expected to be finalized by February 12, 2025.
Additionally, following the delisting, PXDT will no longer have reporting obligations under the Securities Exchange Act.
The stock’s volatility also raises concerns among investors, particularly given its 52-week trading range of $8.90 to $0.60.
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