Stock Track | Allego Stock Plunges as Company Completes NYSE Delisting

Stock Track08-22

Shares of Allego (NYSE: ALLG), a leading pan-European public electric vehicle fast and ultra-fast charging network, experienced a significant sell-off on Wednesday, August 22, 2024, plunging over 10% during intraday trading. This sharp decline followed the company's announcement that it had completed the voluntary delisting of its ordinary shares from the New York Stock Exchange (NYSE).

According to the company's press release, Allego filed Form 25 with the U.S. Securities and Exchange Commission (SEC) on August 12, 2024, relating to the delisting. Wednesday, August 22, 2024, marked the last trading day for Allego's shares on the NYSE, as the company transitions away from its publicly listed status.

While Allego stated that it remains focused on accelerating the transition to sustainable e-mobility in Europe, the delisting move raised concerns among investors regarding the company's future prospects and liquidity. The loss of visibility and exposure that comes with a major exchange listing, coupled with potential challenges in raising capital and attracting new investors, may have contributed to the stock's sharp decline.

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