Thursday, 20 September 2007

SCO receive notice of Nasdaq delisting

"The Nasdaq Staff Determination Letter received on September 18, 2007 indicated that as a result of the Company's having filed for protection under Chapter 11 of the U.S. Bankruptcy Code, the Nasdaq Staff has determined, using its discretionary authority under Nasdaq Marketplace Rules 4300 and IM-4300, that the Company's securities will be delisted from The Nasdaq Stock Market and that trading in the Company's common stock will be suspended unless the Company requests a hearing to review the determination."

SCO are appealing the decision (so no surprise there), but it's doubtful that they will be able to remain listed. Prior to the news being released shares were trading at 0.20 (up 0.04). Could this be the final nail in SCO's share price coffin, or will the price rise again on the bad news?

Should their appeal fail then SCO (SCOX) will be delisted on September 27.

As a side note, Groklaw points out that the day before they filed for Chapter 11, they gave a rather large pay rise and bonus to Ryan Tibbits. Nice work if you can get it. Help run a company into the ground AND get a $50,000 bonus and a pay rise for it. Where do I sign up?

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