THE WOODLANDS, Texas – Conn’s Inc. has been notified by NASDAQ that it will move to have the company’s stock delisted.
In an 8-K filed with the Securities and Exchange Commission, the retailer, which filed for protection under Chapter 11 of the U.S. Bankruptcy Code last month, said its common stock will be suspended at the opening of business Tuesday, Aug. 6.
The company’s stock closed today at just above 25 cents, dropping more than 6 cents today.
According to the filing, NASDAQ decided Conn’s is no longer suitable for listing following the Chapter 11 announcement.
“Taking into account the Company’s desire to reduce operating expenses and maximize the value of its estates, the Company does not intend to appeal Nasdaq’s determination,” Conn’s said in its filing.