Bollinger Innovations, Inc. (NASDAQ:BINI) shares are trading higher Friday after the company announced it will move to OTC markets on Oct. 13 and will be suspended from trading on the Nasdaq.
What To Know: The company's common stock will begin trading on the OTCID market under the same ticker symbol, BINI. Bollinger said the move aligns with its operating strategy and will allow it to reduce administrative and compliance costs while maintaining investor access and trading flexibility.
According to the release, transitioning to the OTC Markets will help Bollinger allocate more resources toward expanding its commercial electric vehicle lineup, which includes the Mullen ONE, Mullen THREE, and Bollinger B4 trucks.
CEO David Michery said the decision is a "logical and financially prudent step" that allows the company to reinvest savings into its growth strategy. Bollinger added that it plans to explore listing options within OTC Markets' various tiers and is also considering an international listing on the London Stock Exchange's Alternative Investment Market.
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BINI Price Action: At the time of writing, Bollinger shares are trading 51.43% lower at 68 cents, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
