Spansion Delisted By Nasdaq; Stock Swoons - Eric Savitz (Barron's)

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Spansion Delisted By Nasdaq; Stock Swoons
May 06, 2009 03:53 PM UTC

Eric Savitz (Barron's)

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Symbol	Sentiment	Start	Return	Closed
SPSN	n/a

Via BARRONS.com: Tech Trader Daily - Barron's Online:

Spansion (SPSN) announced today that the stock will be delisted by Nasdaq at today’s close.

The NOR flash memory chip company, which is operating under Chapter 11 of the federal bankruptcy code, said that it is “making progress” on its restructuring plans. The company recently said it is focused on its embedded solutions and IP licensing market, and is seeking alternatives for its wireless business. The company said discussions with creditors “continue to progress.”

The company its goal is to emerge from Chapter with a sustainable business model, and to eventually re-list the stock after completion of the restructuring.

SPSN today is down 6 cents, or 33.5%, to 11 cents.

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