Telecommunications and data services company Teligent (TGNT) was up 41.3% at midday after the company said Chairman and CEO Alex Mandl "will not continue" with the company. Howard Jones, the chairman and treasurer of IDT (IDT) - Get IDT Corporation Class B Report, which purchased a 33.7% stake in the company April 17, has been elected chairman of Teligent.

The director of IDT's European division, Yoav Krill, has been named Teligent's acting chief executive.

The company also secured an extension to May 15 of a Monday deadline on its debt agreements.

TheStreet Recommends