SonicBlue Stock Delisted28 Mar, 2003 By: Hive News
SonicBlue's stock has been delisted, unsurprising in the wake of a bankruptcy filed March 21 and announced plans that all its business units will be sold off.
The company received notice March 24 from Nasdaq Listing Qualifications Staff that SonicBlue's securities will be delisted from The Nasdaq SmallCap Market at the opening of business on April 2. The company has no plans to appeal the delisting.
Nasdaq Listing Qualifications Staff cited several factors in its determination, including the company's petition for Chapter 11 reorganization and associated public interest concerns raised by the filing, concerns regarding the residual equity interest of the exiting listed securities holders, concerns regarding SonicBlue's ability to sustain compliance with all of the requirements for continued listing, including the $1 minimum bid price per share, and its failure to pay Nasdaq's annual fee.
As a result of the Chapter 11 filing, at the opening of business on March 26, SonicBlue's common stock began trading under the symbol SBLUQ.