Theme_Park_Insider
04-09-2009, 04:51 PM
By Robert Niles: In a long-anticipated development, Six Flags' stock will be booted off the New York Stock Exchange, effective April 20.
The stocks has been trading under $1 per share since last fall. That's the minimum price for a stock to be eligible for listing on the NYSE.
Six Flags will not appeal the decision, and had been warned that this day was coming, if the stock price did not rise. Shares were trading around 26 cents today.
Six Flags' stock will now trade on the over the counter market, along with so-called "penny stocks." While the move is typically considered a blow to a company's prestige, corporate prestige is in pretty short supply around Wall Street these days. So NBD there.
Six Flags is playing that angle, too.
"The delisting of our common stock is a by-product of the inherited debt load on our balance sheet and the overall financial markets. In no way does it reflect the operational strength or turnaround of this company," said Six Flags chief Mark Shapiro said in a statement. "This development will have zero impact on our park operations, the guest experience this summer or our vendor relationships."
More... (http://www.themeparkinsider.com/flume/200904/1157/)
The stocks has been trading under $1 per share since last fall. That's the minimum price for a stock to be eligible for listing on the NYSE.
Six Flags will not appeal the decision, and had been warned that this day was coming, if the stock price did not rise. Shares were trading around 26 cents today.
Six Flags' stock will now trade on the over the counter market, along with so-called "penny stocks." While the move is typically considered a blow to a company's prestige, corporate prestige is in pretty short supply around Wall Street these days. So NBD there.
Six Flags is playing that angle, too.
"The delisting of our common stock is a by-product of the inherited debt load on our balance sheet and the overall financial markets. In no way does it reflect the operational strength or turnaround of this company," said Six Flags chief Mark Shapiro said in a statement. "This development will have zero impact on our park operations, the guest experience this summer or our vendor relationships."
More... (http://www.themeparkinsider.com/flume/200904/1157/)