Magna Entertainment Corp. will be delisted from the Toronto Stock Exchange starting in April, the company announced March 3.
MEC, which is battling pressing debt issues, said it received a letter from the exchange March 2, notifying the company its Class A shares would be delisted at the close of April 1 trading. The delisting was imposed for failure of MEC to meet continued listing requirements, the company said.
Shares of MEC closed on the Canadian stock exchange at 35 cents March 2, down 12.5%. Shares also trade in the United States on the Nasdaq stock exchange. MEC recently announced it was not in compliance with Nasdaq listing requirements because it lacked a required amount of directors, but hoped to meet those standards in the future.