Following its filing for Chapter 11 and ongoing legal battles, the trials and tribulations of The SCO Group continue unabated with the company being officially delisted from the Nasdaq stock exchange yesterday.
In a statement on www.sec.gov , the Securities and Exchange Commission (SEC) formally announced SCO's delisting and the suspension of trading in its shares.
The statement reads: "On September 18, 2007, The SCO Group, Inc. (the “Company”) received a Nasdaq Staff Determination letter (the “Determination”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market indicating that, as a result of the Company’s having filed for protection under Chapter 11 of the US Bankruptcy Code, the Staff determined, using its discretionary authority under Nasdaq Marketplace Rules 4300 and IM-4300, that the Company’s securities would be delisted from The Nasdaq Stock Market and that trading in the Company’s common stock would be suspended unless the Company filed an appeal of the Determination.
"The Company filed for an appeal of the Determination. On November 8, 2007, the Company had a hearing before the Nasdaq Listing Qualifications Panel (the “Panel”) to review the Determination.
"On December 21, 2007, the Company received a letter from the Panel, informing the Company that the Panel had determined to delist the Company’s securities from The Nasdaq Stock Market and will suspend trading of the securities effective at the open of business on Thursday, December 27, 2007."