This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

LodgeNet Receives Delisting Notice From NASDAQ

SIOUX FALLS, S.D., Jan. 8, 2013 /PRNewswire/ -- LodgeNet Interactive Corporation (NASDAQ: LNET) ("LodgeNet" or the "Company") today announced that on January 3, 2013 the Company received a Staff Determination Letter from the Listing Qualifications Department of The NASDAQ Stock Market (the "Staff"), notifying the Company that the Company's securities will be subject to delisting from The NASDAQ Stock Market.  Trading of the Company's common stock will be suspended at the opening of business on January 14, 2013, and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission to remove the Company's common stock from listing and registration on The NASDAQ Stock Market.  The Company does not intend to request an appeal of the decision to delist its common stock.

(Logo: http://photos.prnewswire.com/prnh/20080115/AQTU120LOGO)

On December 31, 2012, the Company disclosed that it has entered into a $60 million investment agreement with Colony Capital, LLC and its affiliate, and certain other investors, to effect a recapitalization of the Company that will be implemented through an expedited Chapter 11 bankruptcy process (the "Planned Bankruptcy Filing").  Pursuant to the Planned Bankruptcy Filing, as previously disclosed, holders of the Company's outstanding shares of common stock and Series B Preferred Stock will have their shares cancelled without receiving any distribution.

The Staff's determination to delist the Company's securities from The NASDAQ Stock Market, in accordance with the Staff's authority under Listing Rules 5101 and IM-5101-1, was based on the Planned Bankruptcy Filing and associated public interest concerns raised by it.  The Staff's letter also cited concerns regarding the residual equity interest of the existing listed securities holders, as well as concerns about the Company's ability to sustain compliance with all requirements for continued listing on The NASDAQ Stock Market, as reasons for the delisting determination. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs