Worldspace removed from Nasdaq
Worldspace will be removed from the Nasdaq stock market listings on Oct 30.
Nasdaq rules state that if a company's market value is below $50m for 10 successive trading days then it can be considered for delisting. There is also a requirement that a company's total assets and trading revenues must each meet or exceed $50m for the most recent trading year, or two out of the last three trading years.
At the close of business on Monday Worldspace's market capitalisation was $8.5m. Worldspace is in Chapter 11 bankruptcy protection. Worldspace says it does not intend to appeal the decision.