Crypto Reg A+ To Delists from NASDAQ
Last week, Longfin Corp. (Nasdaq: LFIN) announced that it intends to voluntarily delist its Class A Common Stock from NASDAQ.
Longfin used Regulation A+ to raise capital and list on the Nasdaq in December 2017. LFIN was the only Reg A+ IPO from 2017 to end the year above it’s IPO price. The company’s stock price has been on extremely volatile since its listing with quotes ranging from $4.69 to $142.82 per share.
On April 6, 2018, LFIN received a NASDAQ Delinquency Compliance Plan Alert Letter stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), because it had not yet filed its Form 10-Q for the period ended September 30, 2017.
On May 3, 2018 LFIN announced their plans to delist. According to the press release, “The Company believes that it is preferable for the Class A Common Stock to trade on the Over The Counter market as soon as possible as opposed to proceeding with an extended review process with the Nasdaq Stock Market.”
The Company intends to file a Form 25 with the Securities and Exchange Commission on or about May 14, 2018, with the delisting becoming effective 10 days after such filing. Accordingly, the Company anticipates that the last day of trading on NASDAQ of its Class A Common Stock will be on May 14, 2018.
Learn more HERE.