DIH Holdings US (DHAI) stock took a beating on Thursday after the technology and healthcare company announced a Nasdaq delisting notice. The Nasdaq Hearings Panel has denied the company’s request to continue listing on the public exchange. This will result in shares of DHAI being suspended when trading starts tomorrow.
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DIH Holdings US has the option to appeal this decision but instead intends to seek a listing on the Over-the-Counter market while still using the DHAI stock ticker. It also warned shareholders that they may have problems trading the company’s shares once this change goes into effect.
DIH Holdings US is being booted off the Nasdaq because it isn’t compliant with several rules. To go along with that, the company issued a going concern warning with this delisting notice. It said it needs additional capital to continue its day-to-day operations. As a result, it will suspend operations while it pursues strategic alternatives.
DIH Holdings US Stock Movement Today
DIH Holdings US stock was down 50.71% in pre-market trading on Thursday, following an 8.98% rally yesterday. The shares have fallen 94.72% year-to-date and the same over the past 12 months.
With today’s news came subdued trading of DHAI stock, as some 438,000 shares changed hands, compared to a three-month daily average of about 1.62 million units.
Is DIH Holdings US Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of DIH Holdings US is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates DHAI stock as an Underperform (38) with a $1.50 price target. It cites “poor financial performance and bearish technical indicators” as reasons for this stance.
