Spansion Gets Delisted From the Nasdaq
Wednesday will be the last day that shares in bankrupt flash memory maker Spansion trade on the Nasdaq stock exchange. The move to delist its shares will not have any significant impact on the company's business, Spansion said Tuesday.
The announcement of Spansion's delisting follows a warning issued by Nasdaq last month after the chip maker failed to pay fees related to its listing. In March, the company received a separate delisting warning from Nasdaq over its filing for bankruptcy protection.
A casualty of the economic downturn, Spansion declared bankruptcy in March after defaulting on interest payments to bondholders. The company filed for Chapter 11 bankruptcy to reorganize its heavy debt load. Last month, the company pinned its hopes for a comeback on embedded memory products and licensing its library of intellectual property.
With US$195 million in cash in its coffers, Spansion has enough cash on hand to operate while discussions with creditors continue, the company said in a statement. Looking ahead, Spansion hopes to relist on "one of the major stock exchanges" once it emerges from bankruptcy, it said.
The company's shares closed at $0.17 on Tuesday, down 11 percent from the day before.