HomeMarket NewsThe Demise of Joann (JOAN) Stock: A Crafty Descent

The Demise of Joann (JOAN) Stock: A Crafty Descent

Actionable Trade Ideas

always free

JOAN Stock - Why Is Joann (JOAN) Stock Down 11% Today?

Source: Colleen Michaels / Shutterstock.com

Joann (NASDAQ:JOAN) stock witnesses a downward spiral on Monday as investors brace themselves for the imminent delisting of the craft supplies companyโ€™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 exchangeโ€™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 companyโ€™s average daily trading volume remains higher, standing at around 956,000 shares.

As of Monday morning, JOAN stock plummets by 10.6%. The companyโ€™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 MicroAlgoย (NASDAQ:MLGO) stock await exploration.

More Stock Market News for Monday

On Penny Stocks and Low-Volume Stocks: With few exceptions, InvestorPlace refrains from discussing companies with a market cap below $100 million or trading volume under 100,000 shares daily, due to the susceptibility of such โ€œpenny stocksโ€ to manipulative practices. In unique cases where commentary is provided, InvestorPlaceโ€™s writers explicitly disclose possible ramifications and caution readers about associated risks.

Read More: Penny Stocks โ€” How to Profit Without Getting Scammed

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 byย InvestorPlace.comย Publishing Guidelines.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.