F45 Training Holdings shares fell by a whopping 77% to 16 cents after stating it intends to voluntary delist from the New York Stock Exchange and deregister its common stock.
The stock, down 94% on the year, is on pace for a new all-time low and its largest percentage decrease on record.
The fitness franchisor previously received a notice from the NYSE regarding a lack of compliance with listing requirements. The company’s stock has continued to trade below $1 since the notice, leaving it to evaluate its best path forward.
F45 said going dark is the best path forward due to the expected cost savings and its current inability to realize the traditional benefits of public company status. The company also said less time spent complying with requirements as mandated by the Securities and Exchange Commission will enable it to focus more on managing its businesses and growing shareholder value.