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WorldSpace Faces Delisting
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Global satellite radio operator WorldSpace said it received notice from NASDAQ that the company's shares will be delisted, a move that could take place on the stock market before the end of the week.
The NASDAQ move follows WorldSpace's filing of Chapter 11 bankruptcy on Oct. 17.
In a statement, WorldSpace said it does not intend to appeal the NASDAQ ruling. The company said it expects trading of its common stock will be suspended at the opening of business Thursday.
In its letter to the company, NASDAQ pointed out that the market value of WorldSpace securities had fallen below the minimum $50 million requirement for 10 days, a requirement for continued inclusion. Also, total assets and revenue haven't met or exceeded $50 million for the most recently completed fiscal year or two of the last three most recently completed fiscal years, the letter stated.
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Global satellite radio operator WorldSpace said it received notice from NASDAQ that the company's shares will be delisted, a move that could take place on the stock market before the end of the week.
The NASDAQ move follows WorldSpace's filing of Chapter 11 bankruptcy on Oct. 17.
In a statement, WorldSpace said it does not intend to appeal the NASDAQ ruling. The company said it expects trading of its common stock will be suspended at the opening of business Thursday.
In its letter to the company, NASDAQ pointed out that the market value of WorldSpace securities had fallen below the minimum $50 million requirement for 10 days, a requirement for continued inclusion. Also, total assets and revenue haven't met or exceeded $50 million for the most recently completed fiscal year or two of the last three most recently completed fiscal years, the letter stated.
