-=Luckin Coffee (LK) withdraws request for Nasdaq hearing; shares to be suspended on June 29

• Luckin Coffee Inc (LK) said on Friday its shares would be suspended from trading on the Nasdaq from next week as it withdrew a request for a hearing with the U.S. stock exchange on the delisting notice.
• The Nasdaq’s (NDAQ) reasons for delisting include public concerns raised by the fabricated transactions, company’s failure to disclose material information and to file its annual report.

Luckin Coffee withdraws request for Nasdaq hearing; shares to be suspended on June 29

As previously disclosed, the company received two written notices from the Listing Qualifications Staff of the Nasdaq Stock Market, indicating the grounds of its decision to delist the company's securities from Nasdaq.

On May 22, the company requested an oral hearing before the Nasdaq Hearings Panel pursuant to Market Place Rule 4820. On May 23, Nasdaq informed the company of the scheduled hearing date of June 25, 2020.

On June 24, the company notified the Listing Qualifications Staff of the company's decision to withdraw its request for the aforementioned hearing and not to seek to reverse or stay the Listing Qualification Staff's determination of delisting the company from the Nasdaq Global Select Market. As a result, the Office of General Counsel of Nasdaq has notified the company that the company's shares will be suspended at the open of business on June 29, and Nasdaq will file a Form 25 Notification of Delisting when all appeal periods have expired.

Hertz Global (HTZ) files for bankruptcy due to coronavirus crisis

• The New York Stock Exchange initiated proceedings to delist Hertz Global Holdings Inc (NYSE: HTZ) on Tuesday following the car rental chain's bankruptcy filing.   

 

Hertz Global announces it and certain of its US and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware 

The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity. However, uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action. The financial reorganization will provide Hertz a path toward a more robust financial structure that best positions the company for the future as it navigates what could be a prolonged travel and overall global economic recovery.

Hertz's principal international operating regions including Europe, Australia and New Zealand are not included in today's U.S. Chapter 11 proceedings. In addition, Hertz's franchised locations, which are not owned by the company, also are not included in the Chapter 11 proceedings.

As of the filing date, the company had more than $1 billion in cash on hand to support its ongoing operations. Depending upon the length of the COVID-19 induced crisis and its impact on revenue, the company may seek access to additional cash, including through new borrowings, as the reorganization progresses.

Hertz was on a strong upward financial trajectory prior to the COVID-19 pandemic, including ten consecutive quarters of year-over-year revenue growth and nine quarters of year-over-year adjusted corporate EBITDA improvement. In January and February 2020, the company increased global revenue 6% and 8% year over year, respectively, driven by higher U.S. car rental revenue. In addition, the company was recognized as No. #1 in customer satisfaction by J.D. Power and as one of the World's Most Ethical Companies by Ethisphere.

Sigma Designs (SIGM) announces voluntary delisting from Nasdaq

Sigma Designs (NASDAQ:SIGM) announced its intention to file a Form 25 on or about August 15, 2018 with the SEC to delist its common stock from the Nasdaq, following the planned payment of $6/sharre on August 14, 2018 to its shareholders of record on July 31, 2018.

The ex-dividend date for the special cash distribution, as established by NASDAQ, is August 15, 2018.

The company continues to expect to make at least one additional distribution to shareholders as it continues to execute on the plan of liquidation and dissolution.

See: Press release

Transgenomic (TBIO) delisted from the Nasdaq

• Transgenomic was delisted from the Nasdaq (Feb 21, 2017)
• Transgenomic merged with Precipio Diagnostics (PRPO) 

TBIO 2015-05-29

Cosi will soon be delisted from the Nasdaq Stock Market

Cosi shares (Nasdaq: COSI) were trading at 3 cents midday Friday, down from a 52-week high of $1.05. Share value has plunged 96 percent in the past year. As of Friday, the entire company has a market cap of $1.96 million.

The delisting follows Cosi’s leadership team filing for Chapter 11 bankruptcy on Sept. 28.

** charts 3 months earlier **

ANR — NR

The firm suffered 4 years of losses, laid off 4,000 workers, and closed all but 50 mines. Due to its "abnormally low" stock price ANR was delisted from the NYSE on July 16, 2015.

With debts of $3 billion dating from its acquisition of Massey Energy for $7.1 billion in 2011 the firm filed for Chapter 11 bankruptcy on August 3, 2015