In a significant development, Dynatronics Corporation (NASDAQ:DYNT) experienced a pre-market surge of 40% on Monday. This comes just a day before it transitions to the OTCQB Venture Market, following its delisting from Nasdaq.
What Happened: Dynatronics' stock was trading at $0.2982, marking a significant rise from its Friday close of $0.2120. The company, a leading manufacturer of physical therapy and rehabilitation products, is set to be delisted from Nasdaq due to its inability to meet the minimum bid price requirement.
The Nasdaq delisting will come into effect at the market open on July 9. Subsequently, Dynatronics' common stock will commence trading on the OTCQB Venture Market. The transition will not necessitate any action from shareholders, and the ticker symbol and CUSIP number for Dynatronics' common stock will remain the same.
Despite the change in market listing, Dynatronics will carry on with its operations as usual. It will continue to be a reporting company under the Securities Exchange Act of 1934. The company's product range, which is widely used in physical therapy, rehabilitation, orthopedics, pain management, and athletic training, will continue to be marketed to a diverse customer base.
The move to the OTCQB is part of Dynatronics' strategic response to the recurring issue of noncompliance with Nasdaq's listing requirements, as per a company press release statement.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
