Benzinga - Tuesday Morning Corporation (NASDAQ: TUEM) shares are trading lower by 41.36% to $0.90 after the company announced it will voluntarily delist from the Nasdaq Capital Market.
What Else?
Assuming certain conditions to deregistration are satisfied, including Tuesday Morning having fewer than 300 record holders of its stock as of the beginning of its next fiscal year on July 3, 2023, the company says it expects the deregistration would be complete in September of 2023.
Tuesday Morning believes a delisting and deregistration provide several benefits to the company and its stockholders, including:
- Flexibility in raising capital to solidify its liquidity position;
- Lower operating costs and management time commitment for compliance and reporting activities;
- The potential for lower regulatory and operating expenses; and
- Simplified corporate governance structure.
According to data from Benzinga Pro, TUEM has a 52-week high of $72.00 and a 52-week low of $1.51.
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