Wag! Group Co. (NASDAQ:PET) saw its stock plunge 35% after receiving a notice from Nasdaq confirming that trading of its shares will be suspended starting July 30, 2025.
The delisting follows Wag! Group’s Chapter 11 bankruptcy filing on July 21, 2025. In a notice dated July 23, Nasdaq cited several factors behind the decision, including public interest concerns stemming from the bankruptcy, uncertainty over any remaining value for current shareholders, and the company’s failure to meet multiple listing standards.
Nasdaq specifically pointed to Wag! Group’s inability to maintain a minimum $1 share price, a $50 million Market Value of Listed Securities, and a $15 million Market Value of Publicly Held Shares.
Once delisted, the company’s common stock and warrants are expected to shift to the OTC Markets Group’s Pink Open Market, often referred to as the “pink sheets.” Wag! cautioned that this move is likely to result in reduced liquidity and could lead to a further drop in the value of its securities.
The company also warned investors that current market prices do not account for the expected cancellation of shares as part of the Chapter 11 process, and that shareholders may ultimately see their entire investment wiped out.
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