ARC Group Worldwide delists from Nasdaq amid drop in share price

LONGMONT/FIRESTONE — Arc Group Worldwide Inc. (Nasdaq: ARCW) is removing itself from public markets after failing to keep its stock price at required minimums.

The Deland, Florida-based advanced manufacturing company is voluntarily removing itself from the Nasdaq after its stock price fell below $1 for 30 consecutive days, according to filings with the U.S. Securities and Exchange Commission. ARC said in the filing it had considered reducing the amount of shares it had available to the public, but decided it would rather use the costs associated with move to shore up its existing business.

Arc Group has a plant in Firestone. The company closed a plant in neighboring Longmont in May and slashed 32 percent of its workforce across its Precision Components Group as part of a cost-slashing plan. The company took a $6,181,000 net loss in their previous quarter, according to their most recent earnings filing.

The delisting will officially register on July 22, but shares in the company will continue to be traded on the OTC Market index.

ARC Group’s stock price fell 16.67 percent on the news to close 38 cents per share. The company did not immediately respond to a request for comment Monday afternoon.

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