Shares of Target Hospitality Corp. (TH) plummeted more than 37% in pre-market trading on Tuesday to $6.55 after the company announced that the U.S. government has decided to terminate the South Texas Family Residential Center services agreement with its migrant programming partner by August 9.
Target Hospitality provides facility and hospitality services to the STFRC partner utilizing its own modular assets.
Previously, Target Hospitality shares closed at $10.50, representing a 5.83% decline. Over the past year, the stock has fluctuated within a range of $8.49 to $16.73.
