Joann (NASDAQ:JOAN) stock witnesses a downward spiral on Monday as investors brace themselves for the imminent delisting of the craft supplies company’s shares following its recent bankruptcy filing.

With the company no longer being compliant with Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1, JOAN stock will cease trading on the public market come Thursday.

Joann acknowledges the delisting notice and opts against appealing the exchange’s decision. Consequently, trading will halt when markets open on Thursday, with a Form 25-NSE filed with the Securities and Exchange Commission (SEC) to delist JOAN stock.

JOAN Stock Movement on Monday

Unsurprisingly, JOAN stock struggles on Monday in light of the delisting announcement. Trading volume currently exceeds 248,000 shares, though the company’s average daily trading volume remains higher, standing at around 956,000 shares.

As of Monday morning, JOAN stock plummets by 10.6%. The company’s stock closed Friday down by 71.9% year-to-date, signaling a continued downward trend leading up to the delisting later this week.

For investors seeking more stock market news, compelling stories about Sintx Technologies (NASDAQ:SINT) stock, Societal CDMO (NASDAQ:SCTL) stock, and MicroAlgo (NASDAQ:MLGO) stock await exploration.

More Stock Market News for Monday

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As of the publication date, William White has no direct or indirect positions in the securities mentioned. The views expressed are solely those of the writer, guided by InvestorPlace.com Publishing Guidelines.