Spansion To Be Delisted From NASDAQ After Today
In early March, Spansion filed for Chapter 11 bankruptcy. The company had about $3.8 billion in assets and $2.4 billion in debt around that time. However 3,000 employees, or 35% of their total workforce was laid off as part of a restructuring. Today the stock is trading at about $0.11 and it is their last day on the NASDAQ stock exchange. Spansion stated that the move to have their shares delisted from the exchange will not have much of an impact on their business.
Spansion failed to pay the fees that are related to its listing. NASDAQ gave them a warning last month about that. Spansion has about $195 million in cash and has enough to operate while continuing discussions with creditors. Once the company emerges from bankruptcy, they hope to relist on a major stock exchange once again. Spansion is a flash memory production company that was formerly owned by AMD and Fujitsu before spinning off in December 2005.
[via PCW]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry