Reitar Logtech Holdings Ltd (NASDAQ:RITR) shares fell 69.25% to $0.023 in after-hours trading Wednesday after the company disclosed that Nasdaq had determined to delist its securities from The Nasdaq Capital Market.
Reitar Logtech develops property-logistics technology solutions focused on logistics assets, including investment development, operational management and technology-driven upgrades.
Nasdaq Delisting
Reitar Logtech received a Staff Delisting Determination Letter from Nasdaq on Sept. 10 because its closing bid price remained at $0.10 or below for 10 consecutive trading days from Aug. 25 through Sept. 9. The company disclosed the determination in a Form 6-K filed Wednesday.
Trading in the company’s securities will be suspended at the opening of business on Sept. 17. Unless the company timely requests a hearing, Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission to remove the securities from listing and registration on Nasdaq.
Reitar Logtech has submitted a hearing request to the Nasdaq Hearings Department to appeal the delisting determination. The request must be received by 4 p.m. ET on Sept. 17. The company said a timely request will not stay the trading suspension and there can be no assurance the appeal will be successful.
The company also issued a press release Wednesday regarding the delisting determination, which was attached as Exhibit 99.1 to the Form 6-K.
Trading Metrics
Reitar Logtech has a market capitalization of $4.72 million.
The stock has a 52-week high of $7.68 and a 52-week low of $0.05.
Reitar Logtech shares are down 98.64% over the past year.
Benzinga’s Edge Stock Rankings show a negative price trend across the short-, medium- and long-term time frames.
Price Action: In the regular session, the stock fell 4.16% to close at $0.076, according to Benzinga Pro data.
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