Why Drive Shack Stock Is Falling Over 50% During Tuesday's After-Hours Session - Drive Shack (NYSE:DS)


Drive Shack Inc DS shares are trading lower by 55.87% to $0.21 during Tuesday’s after-hours session. The company announced today its intention to voluntarily delist from the NYSE and to deregister its common stock.

What Else?

Drive Shack intends to file an application for its common stock to be quoted on the OTCQX platform and intends to receive approval in the first quarter of 2023.

Drive Shack says the company intends to continue to provide information to its stockholders and to take such actions to enable a trading market in its common stock to exist.

The company cites the reduction in time spent by our management and employees complying with the requirements applicable to SEC reporting companies will enable them to focus more on managing the company’s businesses, strengthening relationships with clients and vendors and growing stockholder value, with a focus on long-term growth without an undue distraction by short-term financial results and stock price movement.

See Also: Why New Fortress Energy Shares Are Rising During Tuesday’s Session

According to data from Benzinga Pro, Drive Shack has a 52-week high of $1.97 and a 52-week low of $0.35.


Image and article originally from www.benzinga.com. Read the original article here.