Magna Entertainment Corp., which recently filed for Chapter 11 bankruptcy reorganization, received notice March 9 its Class A shares would be delisted frolm the Nasdaq stock exchange effective March 16.
MEC said the shares were being delisted, among other reasons, because of the company’s March 5 bankruptcy filing in Delaware federal court. MEC said in a press release it didn’t plan to appeal the decision.
The company’s Class A shares closed March 9 trading at eight cents, down 27.3%, on trading volume of 32,396. Factoring in a 1-20 reverse stock split the company implemented last July, shares closed trading at less than a half-cent each.
MEC, which launched as a publicly-traded company in 2000, previously received notice its shares would be delisted from the Toronto Stock Exchange.