Society Pass (NASDAQ:SOPA) shares are trading sharply lower in after-hours trading on Wednesday.

SOPA shares fell 21.1% to $0.060 in after-hours trading after the company disclosed that Nasdaq had determined to delist its common stock following the company's Chapter 11 bankruptcy filing.

Society Pass is a Southeast Asia-focused e-commerce and digital ecosystem company operating across Singapore, Vietnam, Indonesia, the Philippines and Thailand. The company said its platform has more than 3.3 million registered users and over 205,000 registered merchants.

Nasdaq Delisting Notice

The company said Nasdaq notified it on May 14 that its stock would be delisted under Nasdaq Listing Rules following the commencement of Chapter 11 proceedings.

Society Pass and its subsidiary, SoPa Inc., filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas on May 12.

The company said trading of its common stock will be suspended at the opening of business on May 21, while Nasdaq plans to file a Form 25 with the SEC to remove the stock from listing and registration.

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Technical And Trading Analysis

Society Pass has a market capitalization of approximately $1 million, with a 52-week high of $6.28 and a low of $0.07.

The stock is down more than 93% over the past 12 months.

Price Action: According to market data, SOPA closed Wednesday's regular trading session down 55.6% at $0.076. Shares fell another 21.1% in after-hours trading to $0.060.

Benzinga’s Edge Stock Rankings indicate that SOPA shares currently maintain negative short, medium and long-term price trends.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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