Drive Shack plunges over 60% on delisting plans

Drive Shack (DS.US) is one of the worst performing US stocks today with the company's share price dropping over 60% on the day. Drive Shack announced yesterday that it intends to voluntarily delist and deregister its shares. Company then plans to list its common stock on OTCQX, an over-the-counter platform. According to Drive Shack, employees and executives will have more time to focus on the company's business following the delisting as they would not have to devote time to meeting strict SEC reporting requirements. Stock price of the company dropped to the lowest level since March 2009 when the market bottomed out during the GFC.

Shares of Drive Shack (DS.US) launched today's trading over 60% lower on delisting plans. Source: xStation5