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Bollinger Innovations Stock Plummets 60% Amid Nasdaq-to-OTC Transition
Bollinger Innovations Stock Plummets 60% Amid Nasdaq-to-OTC Transition
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BTCCSquare news:
Bollinger Innovations (BINI) shares collapsed 60% in premarket trading Friday after the electric vehicle manufacturer announced its migration from the Nasdaq to the OTC Markets. The MOVE to the OTCID marketplace, effective Monday, follows cost-cutting measures to reduce regulatory burdens and compliance expenses.
CEO David Michery framed the transition as a strategic financial decision, stating the savings WOULD be reinvested in business growth. The stock had already slipped 14% Thursday before the precipitous premarket drop, completing a 100% year-to-date erosion of shareholder value.
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