Qutoutiao Becomes Yesterday’s News With Nasdaq Delisting

Chinese news aggregator Qutoutiao Inc. said it won’t fight its looming de-listing from the Nasdaq, potentially moving a step closer to the end for a service that once was worth more than $4 billion and tipped to possibly challenge China’s leading Toutiao news app.

Qutoutiao’s shares plunged nearly 60% on Tuesday after it said it would not appeal the stock exchange’s decision after it failed to meet several listing requirements. The company first fell out of compliance with listing rules when its shares continuously remained below the requisite $1 mark since August.