Vertical farming company Kalera (NASDAQ: KAL) slumped by more than 25% in pre-market trading on Tuesday after the company received a delisting notice from Nasdaq on April 6. The notice stated that Nasdaq would suspend trading of the company’s shares, effective April 17.
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Listing out the reasons for the delisting, the stock exchange stated that “the Company is a public shell and that the continued listing of its securities is no longer warranted,” and that KAL had also failed to file its annual 10-K filing for the fiscal year December 31, 2022, with the SEC. The notice also stated that KAL’s common stock is subject to be delisted, and as a result, “the Company’s warrants listed under symbol KALWW no longer qualify for listing.”
Earlier this month, Kalera filed a voluntary petition in the U.S. Bankruptcy Court for the Southern District of Texas seeking relief under Chapter 11 of the bankruptcy code.
In the past year, KAL stock has tanked more than 70%.
