Carver Bancorp shares plunge 53.49% premarket after announcing voluntary Nasdaq delisting and OTCQX move to reduce costs and gain strategic flexibility.

Carver Bancorp fell 53.49% in premarket trading following its announcement to voluntarily delist from Nasdaq and deregister with the SEC, transitioning to the OTCQX Market. The move, effective by early December, aims to reduce recurring expenses and enhance strategic flexibility but signals a shift to a less liquid market with potentially wider bid-ask spreads and reduced institutional visibility. Investors reacted negatively, interpreting the delisting as a downgrade in market credibility and accessibility, despite management’s assertion that the OTCQX aligns better with the company’s profile. The decision to suspend SEC filings also raises concerns about reduced transparency, compounding the bearish sentiment.