Nasdaq to Suspend ADPT Common Stock From Trading
As former Adaptec sold substantially all of its business to PMC-Sierra.
This is a Press Release edited by StorageNewsletter.com on August 2, 2010 at 2:51 pmADPT Corporation received a notice on July 27, 2010 from the staff of the Nasdaq Listing Qualifications Department indicating that the Nasdaq will suspend ADPT’s common stock from trading on The Nasdaq Global Market at the opening of business on August 5, 2010.
The delisting notice resulted from ADPT having sold substantially all of its operating business in June to PMC-Sierra, Inc., and the Nasdaq staff’s subsequent determination that ADPT is a ‘public shell.’ ADPT does not intend to appeal this determination.
ADPT expects that its shares of common stock will be quoted on the Pink Sheets, an electronic quotation service that publishes market maker quotes for securities traded over the counter, following the suspension of trading of its shares of common stock on The Nasdaq Global Market.
Read also:
Adaptec Sells Its RAID Channel Business to PMC-Sierra
For $34 million in cash
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