Waitr Holdings Inc. shares fell 28% to 42 cents after hours as the food delivery company said it doesn’t expect to appeal a Nasdaq delisting determination.
The company expects shares will be suspended from Nasdaq Feb. 2 and will trade on the OTCQB Venture Market.
Nasdaq previously informed Waitr that it was out of compliance with the $1 bid price rule. The company’s 1-for-20 reverse split in November was an attempt to regain Nasdaq compliance, but its share price has declined since then. On Nov. 22, the stock closed at $1.82.