BROOKLYN, N.Y. (
shares tumbled Monday on above-average volume after the market data and financial information provider decided to delist and deregister its common stock in December.
Track Data said Monday it will voluntarily delist its common stock from the
and, based upon ownership of its shares by fewer than 300 holders of record, deregister its common stock. The delisting will become effective on or about Dec. 14, the company said.
Previously, Track Data had received a delisting notice from Nasdaq as its market value fell below the minimum threshold for continued listing. The Nasdaq had expected to delist the company's common stock if it could not satisfy the minimum threshold by Dec. 14.
Shares of Track Data were falling by 37 cents, or 10.8%, to $3.06. More than 7,000 shares changed hands by 2:30 p.m. EST Monday, compared to the stock's 50-day average daily volume of 1,800, according to the Nasdaq.
Track Data has a 908,000-share float with 34,000 shares short as of Oct. 30, according to Yahoo! Finance. Insiders hold 56.2% of the company's shares, with another 6.9% owned by institutions.
-- Written by Robert Holmes in New York
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