Internet service provider PSINet Inc., whose shares have fallen 99% in the past year, will have its stock delisted from the NASDAQ Stock Market at the opening of business Friday.
Nasdaq halted PSINet on April 3 after the shares closed at 19 cents the day before. The halt will remain in effect until the stock, which traded as high as $34.06 last June, is delisted.
The company does not believe it has any reasonable basis for challenging the NASDAQ staff’s delisting determination, and is therefore not planning to appeal it.
PSINet previously announced that it is likely that its common stock and preferred stock will have no value.
The company, headquartered in Ashburn, VA, and its advisors continue to analyze and pursue certain financial and strategic alternatives, including the possible sale of all or a portion of the company, while also exploring alternatives to restructure the company’s obligations to its bondholders and other creditors. These efforts are likely to involve reorganization under the federal bankruptcy code.
There can be no assurance that one or more of these alternatives can be successfully implemented, and no assurance that the company will not run out of cash.
Network
