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YRC Plans Appeal to Avoid Nasdaq Delisting
YRC Worldwide plans to ask the Nasdaq stock market for additional time to avoid having its shares delisted, the Kansas City Business Journal reported.
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YRC said in a securities filing Tuesday it received Nasdaq notice that it had failed to boost its per-share stock price to more than $1 by an Aug. 30 deadline in order to avoid being removed from the market, the paper reported.
The less-than-truckload carrier said it will appeal Nasdaq’s decision at an Oct. 7 heariand that the hearings panel could take as long as 45 days to issue a decision, the Business Journal reported.
ÌýShares have traded below $1 since January, and YRC’s shares closed Tuesday at 27 cents.
YRC’s shareholders early this year approved a reverse stock split to reduce the number of shares and boost its stock price, although such a split that has not taken place yet. (Click here for previous story.)
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
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