Kona Grill was delisted from the Nasdaq Global stock exchange on April 25 after the company failed to pay its annual fee. The Scottsdale, Arizona-based company has about 13 million total outstanding shares, and, according to the Nasdaq 2019 listing guide, was on the hook for an annual fee of $55,000.

The brand’s common stock trades are now being handled on the over-the-counter markets, or “Pink Sheets.” Kona Grill’s stock price closed April 25 at 14 cents per share.

The move wasn’t surprising and it appears it won’t come with an appeal from Kona Grill’s management. The company said in an April 22 filing that it was notified by Nasdaq that it could face delisting on the stock market if failed to pay the fee.

This after it hinted a possible bankruptcy could be looming, even if the chain found a buyer during its ongoing strategic review process.

Kona Grill received a deficiency notice from Nasdaq toward the end of 2018 that said it fell below Nasdaq’s listing standard of $15 million minimum market value within the previous 30 consecutive business days. The warning gave Kona Grill until June 26 to lift the value of its shares to $15 million or more for at least 10 straight days, or $1.89 per share.

Kona Grill’s share were $2.10 on November 7 but have failed to break the $2 mark since. Shares closed at $1 on March 27 and have steadily fallen since.

The chain reported $33.2 million in secured debt recently and said it missed its quarterly principal payment due March 31. Kona Grill’s same-store sales dropped 12.3 percent in 2018 after declining 5.9 percent in 2017. This after six consecutive years of comparable restaurant sale increases.

Revenue fell 12.4 percent in the fiscal year that ended December 31, year-over-year.