NEXTNRG (NXXT) Shares Plunge 25% After-Hours: Here’s Why

NextNRG, Inc. (NASDAQ: NXXT) shares fell 24.93% to $0.14 in after-hours trading on Tuesday after the company disclosed in an SEC filing that a Nasdaq panel denied its request to continue its listing.

The Nasdaq Stock Market LLC’s Hearings Panel notified the company on Nov. 9 that trading in its common stock will be suspended at the open on Nov. 11, according to a Form 8-K filed with the Securities and Exchange Commission. The company said it expects its stock to be quoted on the OTC Markets under the symbol "NXXT" beginning on or about Nov. 11.

Path to the Suspension

NextNRG said Nasdaq notified it on March 16 that it did not meet the $1.00 minimum bid price requirement. On Sept. 15, after the compliance period expired, the Nasdaq Listing Qualifications Staff determined to delist the stock. On Oct. 21, the company was notified that it also did not meet the $35 million market value of listed securities requirement. The company requested a hearing before the panel, which stayed the delisting pending its decision, and the hearing was held on Oct. 22.

Company to Seek Review

NextNRG said it intends to exhaust all available avenues and ask the Nasdaq Listing and Hearing Review Council to review the panel’s decision. A request for review will not stay the suspension of trading, the filing said.

Trading Metrics, Technical Analysis

NextNRG has a market capitalization of about $314.42 thousand.

NextNRG shares have traded between a 52-week high of $221.00 and a 52-week low of $0.17.

Over the past 12 months, NextNRG shares have declined 99.89%.

Benzinga’s Edge Stock Rankings indicate negative price trends for NextNRG across the short, medium and long term.

Price Action: NextNRG shares fell 92.85% to close at $0.19 during Tuesday’s regular trading session.

Photo: ZCOOL HelloRF / Shutterstock