Blonder Tongue Laboratories Inc (NYSEAMERICAN:BDR) Stock To Gap-Down After The Delisting News
The action in the premarket trading period can often provide a fair indication of the way in which the market might behave. If you look into the premarket trading period closely, then you might have noticed that the Blonder Tongue Laboratories Inc (NYSEAMERICAN:BDR) stock has slumped by as much as 23%.
Market Stats
On Friday, BDR stock gained 2% at $0.8685 with more than 602k shares, compared to its average volume of 262K shares. The stock has moved within a range of $0.8510 – 0.8800 after opening trading at $0.86.
To Commence Delisting Proceedings Against Blonder Tongue Laboratories, Inc. (BDR)
In this situation, it may be a good move for investors to perhaps take a look into the announcement from the company back on December 10, 2021. The company announced at the time that the staff with NYSE Regulation had started the process that is aimed at delisting the Blonder Tongue Laboratories stock from the New York Stock Exchange.
It goes without saying that it was a piece of highly negative news for the company and the strong selloff in the Blonder Tongue Laboratories stock during the premarket trading period is perhaps not a surprise. The company had failed to demonstrate its ability to be compliant with some of the rules of the exchange. More importantly, the New York Stock Exchange is one of the biggest stock exchanges in the world and the company is no longer going to have a exposure to such a large pool of investors in the near term.
Traders Corner
BDR stock is below the 20-Day and 50-Day Moving averages of $0.96 and $1.05 respectively. The stock is trading in the neutral zone with the RSI at 34. The stock is down 22% in the past month.
