As expected, Charter Communications said late Monday that it has received a notice from the National Association of Securities Dealers Automated Quotation system (NASDAQ) that its stock will be suspended and delisted from the NASDAQ Exchange effective on April 7.
The move was largely expected after Charter filed for Chapter 11 bankruptcy protection on March 27. While Charter expects to emerge from bankruptcy as early as the end of the summer, it will be with a new common stock. Its old equity was expected to be retired once the company recapitalized and completed its debt-for-equity exchange with certain bondholders.
In a statement, Charter said it would not appeal the NASDAQ decision and expects its stock will trade on the over-the-counter bulletin board or in the "pink sheets" -- beginning on April 7.
Charter stock has been trading in the 2 cents to 4 cents per share range since it said it would reorganize in February. The stock was down about 93% in 2008, from $1.17 each on Jan. 2 to 8 cents per share per share on Dec. 31.
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