Clever Leaves Holdings Inc ( CLVR ) shares are trading lower by 62% to $1.56 during Monday’s session after the company announced that it will voluntarily delist its common shares from the Nasdaq and deregister its Securities to terminate and suspend its reporting obligations.

The company notified Nasdaq of its intention and plans to file necessary forms with the SEC on or about May 6, with the last day of trading expected to be around May 16. After delisting, the company will file a Form 15 to suspend its reporting obligations, with the deregistration expected to become effective 90 days after filing.

The decision reflects the board’s assessment of various factors, including potential non-compliance with Nasdaq listing requirements, personnel resources and high costs associated with regulatory burdens.

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According to data from Benzinga Pro, CLVR has a 52-week high of $8.95 and a 52-week low of $1.52.