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Sunnyvale (CA) – On Tuesday, Spansion was notified by the NASDAQ exchange that it may be delisted following its recent filing for Chapter 11 Bankruptcy protection, among other things.
The press release reads:
Spansion Inc. (Nasdaq: SPSN), the world’s largest pure-play provider of Flash memory solutions, today announced that it has received a staff determination notice from the NASDAQ Stock Market stating that the company’s common stock is subject to delisting from the NASDAQ Global Select Market in accordance with NASDAQ Marketplace Rules 4300, 4450(f) and IM-4300. The notice was issued as a result of, among other factors, the company’s filing for relief under chapter 11 of the U.S. Bankruptcy Code on March 1, 2009.
The company said it intends to request a hearing before the NASDAQ Listing Qualifications Panel to appeal the decision. Pending a decision by the hearing panel, Spansion’s common stock will remain listed on the NASDAQ Global Select Market. There can be no assurance that the hearing panel will grant the company’s request for continued listing.
Spansion (SPSN) is currently trading at $0.015, which is down $0.005 (25%) on the day.
See Spansion’s press release.