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Investing.com -- Wag! Group Co (NASDAQ:PET) stock plummeted 35% following the company’s receipt of a delisting notice from Nasdaq, which will suspend trading of the pet services company’s shares on July 30, 2025.
The delisting decision comes after Wag! Group filed for Chapter 11 bankruptcy protection on July 21, 2025. According to the notice received on July 23, Nasdaq cited several concerns including public interest issues related to the bankruptcy filing, questions about residual equity interest of existing shareholders, and the company’s inability to maintain compliance with multiple listing requirements.
Specifically, Nasdaq noted Wag! Group’s failure to meet the minimum $1 bid price requirement, the $50 million Market Value of Listed Securities requirement, and the $15 million minimum Market Value of Publicly Held Shares requirement.
Following the delisting, Wag! Group’s common stock and warrants are expected to begin trading on the OTC Markets Group’s Pink Open Market, commonly known as the "pink sheets." The company warned that this transition will likely result in significantly reduced liquidity and could further depress the trading price of its securities.
The pet services platform also cautioned investors that recent trading prices do not reflect the pending cancellation of these securities pursuant to the Chapter 11 bankruptcy proceedings, suggesting that current shareholders may face a complete loss of their investment as the bankruptcy process unfolds.
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