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Blonder Tongue Laboratories, Inc. (BDR) Stock Plunging in Premarket, Here’s Why

Blonder Tongue Laboratories, Inc. (BDR), a technology development and manufacturing company, has plummeted 16.5% in premarket trading session. Consequently, BDR stock is trading at $0.72 at the time of the writing. The massive slide has come after the company announced its delisting from NYSE American – Common stock. On Friday, BDR closed the day at $0.87 after increasing 2.06% during regular trading hours.

Why BDR Sliding?

In the late hours of Friday, BDR announced that it had received a notice from NYSE American LLC. The notice stated that the staff of NYSE Regulations had determined to initiate the proceedings for delisting the common stock of the company from the Exchange. That was because the company was unable to demonstrate that it had regained compliance with sections 1003(a) (i), (ii), and (iii) of the NYSE American Company Guide. The sections were related to the maintenance of a certain level of stockholder’s equity if the company has a reported history of losses from the continuing operations at the end of the 18-month compliance plan period. The period expired on the 10th of December 2021.

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Q3 2021 Operational Results

On 22nd October, BDR released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated net sales of $4.172 million against $4.171 million for the same period of 2020. The gross profit generated by the company during the three months was $1.4 million against $0.73 million for the same period of 2020. The net loss suffered by the company during the three months was $0.2 million (or the net loss of $0.02 per basic and diluted share) against $1.7 million (or $0.18 per basic and diluted share) for the same period of 2020.

Executive Commentary

While commenting on the results, Ted Grauch, BDR President and CEO said that the company has made some strong progress toward several fronts during the quarter. The tightening of the supply chain situation on a range of semiconductors and other products proved to be a hindrance to the growth of the company. The company, however, has compensated for the challenge by performing longer look-ahead planning for its products.

Future Outlook for BDR

During the last three month period, BDR stock has faced a decline of more than 24%. The decline could be attributed to the negative sentiments associated with the stock during the period. However, analysts believe that the company is in a good shape to attract long-term investors in future to come.