Stock Track | Allego Stock Plunges on NYSE Delisting Announcement

Stock Track08-22

Shares of Allego (NYSE: ALLG), a leading pan-European public electric vehicle fast and ultra-fast charging network, experienced a significant pre-market decline of 8.33% on Wednesday, August 22, 2024. This plunge followed the company's announcement of its voluntary delisting from the New York Stock Exchange (NYSE).

According to the company's press release, Allego has completed the voluntary delisting of its ordinary shares from the NYSE, following the conclusion of a previously announced tender offer by Madeleine Charging B.V., Allego's majority shareholder. The company filed Form 25 with the U.S. Securities and Exchange Commission (SEC) on August 12, 2024, relating to the delisting, with August 22, 2024, being the last trading day of Allego's shares on the NYSE.

While Allego stated that it remains focused on accelerating the transition to sustainable e-mobility in Europe, the delisting move has raised concerns among investors regarding the company's future prospects and liquidity. As a result, the stock experienced a sharp sell-off in pre-market trading, reflecting the market's reaction to the voluntary delisting announcement.

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