Thornton, Colo. – NASDAQ has denied Ultimate Electronics’ request to continue trading on the small cap stock exchange and has de-listed the bankrupt A/V chain effective today.
NASDAQ warned Ultimate in December of a pending de-listing due to the retailer’s delay in filing its quarterly earnings report, and gave formal notice of its non-compliance with marketplace rules last month. Ultimate later argued its case before the exchange in an effort to maintain its trading status, but was notified by NASDAQ yesterday of its decision to deny the retailer’s appeal.
Ultimate shares will continue to trade over the counter.
In other Ultimate news, the company completed the planned closing of a SoundTrack store in Highlands Ranch, Colo., this week, and a group of investors has asked the U.S. Trustee to appoint an official equity holders committee to represent outside shareholders. The request comes in response to Ultimate’s indication earlier this month that its common stock will likely be worthless after the company emerges from Chapter 11 reorganization.