Clever Leaves Cannabis Company Exits NASDAQ Amid Financial Strains, Stock Plunges -60%, Investors Impacted
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2024
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Should l Buy ?
Source: Benzinga
- Clever Leaves Delisting from NASDAQ: Clever Leaves Holdings Inc. plans to voluntarily delist from NASDAQ and deregister its securities, aiming to terminate reporting obligations to the SEC.
- Delisting Process: The company will file a Form 25 with the SEC around May 6 to start the delisting process, with the final trading day on NASDAQ expected to be around May 16. A Form 15 will be filed to cease reporting duties.
- Impact on Investors: After delisting, Clever Leaves' securities will no longer trade on NASDAQ but may be traded over-the-counter, potentially affecting liquidity. Investors are advised to consult financial advisors regarding their investments.
- Financial Performance: Clever Leaves reported a revenue increase in 2023, with strong growth in cannabinoid sales and operational efficiency improvements leading to a reduction in expenses.
- Reasons for Delisting: The decision is part of a wider restructuring plan due to factors like non-compliance with Nasdaq's listing requirements, financial burdens of regulatory compliance, and the aim to reduce operational costs associated with public trading and reporting demands.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
