Pixie Dust Technologies Inc (NASDAQ:PXDT) shares are trading lower by 29.6% to $1.14 during Thursday's session after the company's board has resolved to voluntarily delist its ADRs from the NASDAQ Capital Market and will apply for deregistration with the SEC.

What Else: PXDT says the decision, driven by the high costs of maintaining the NASDAQ listing and ongoing reporting obligations, aims to redirect resources toward business growth.

The company plans to notify NASDAQ and the SEC, with delisting expected to take effect on November 15. Following the delisting, the company's ADR program will terminate on January 21, 2025, and the SEC deregistration is set for February 12, 2025.

Per Pixie Dust Technologies, after these actions, the company's obligations under the Securities Exchange Act will cease.

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According to data from Benzinga Pro, PXDT has a 52-week high of $8.90 and a 52-week low of $1.02.