Apple sapphire provider GT Advanced Technologies’ problems continue today with the statement that it will not appeal the suspension of its stock on the NASDAQ stock exchange. As part of this choice, the business’s stock is not being traded on the NASDAQ stock exchange efficient today, October 16. This removal was anticipated and is the result of the business’s recent Chapter 11 bankruptcy.
GT Advanced Technologies Inc. today revealed that it will not pursue an appeal of the determination by The NASDAQ Stock Market LLC (‘NASDAQ’) to suspend trading in the Business’s typical stock based upon the Business’s voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code. The Company has actually been notified that NASDAQ will certainly suspend trading in the Company’s typical stock reliable at the opening of the market on October 16, 2014.
GT’s stock plunged 90 percent following its bankruptcy announcement earlier this month, and has continued to fall since then, closing at simply 44 cents per share the other day. The stock will certainly remain to trade under the symbol GTATQ on the OTC Pink marketplace.
As part of the original offer, Apple made three loan payments to GT totaling $440 million and said it was dealing with GT to help get rid of technical challenges to qualify for the fourth and last prepayment loan of $139 million. Apple likewise appeared set to postpone scheduled payments on the debt. But under the weight of troubles that started at least as early as February, GT found itself not able to continue its company operations and applied for bankruptcy with strategies to close down its sapphire manufacturing facilities.