Cronos Group (NASDAQ:CRON) stock has been witnessing increased selling pressure over the past year and now down 40% so far this year.
Trading Data
On Monday, CRON stock fell 4.87% to $4.69 with 3.88 million shares, compared to its average volume of 2.78 million shares. The stock has moved within a range of $4.6400 – 4.9200 after opening trade at $4.92.
Recent News
Cronos Group (NASDAQ:CRON) announced about providing a default status report, which is in accordance with the with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order.
The company would not be unable to file its Quarterly Report on Form 10-Q for the period ended September 30, 2021 with the U.S. Securities and Exchange Commission, along with its corresponding quarterly filings (Required Filings) in Canada, by the applicable filing deadlines. That is why it applied for management cease trade order with the applicable securities regulatory authorities in Canada on November 9, 2021.
As per the management cease trade order issued on November 16, 2021, the company is restricted from all trading in securities, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company until two full business days following the filing of the Required Filings and the order is revoked. However, other shareholders of the company can trade their securities.
The Listing Qualifications Department of Nasdaq has sent a notice stating the company is not compliant with the requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) because it did not file the Form 10-Q on time.
The company’s management continues to work diligently to complete the Required Filings. It has confirmed about being able to meet all provisions of alternative information guidelines set out in NP 12-203, till it remains in default of the requirement to file the Required Filings.
Technical Data
CRON stock is trading below the 20-Day and 50-Day Moving averages of $5.47 and $5.60 respectively. Moreover, the stock is below above 200-Day moving average of $7.73. The stock is down 17% in the past month.
