What happens if our stock does not recover and remains under a dollar today and for the remainder of the week? How long does it take before it is delisted? And how long after that before bankruptcy is announced?
I think even the biggest optimists are ready to throw in the towel by now...
@ cyx Thank you for the clarification. I did a quick calculation and forgot that it was based on trading days and not calendar days.
At .85 at the moment. Could see a new low soon.
jdg - Watch for the difference between Trading Days and Calendar Days. October 28 is Calendar Days not Trading Days.
As of 11:11am, SHLD stock is at $0.9043.
(I love how they're pricing it out to hundredths of a cent. You know you're a penny stock when...)
SHLD stock...."Help, I've fallen and I can't get up".
This question is irrelevant. WHO CARES if we are under $1. One man owns half the stock. Having a high stock price is only relevant when making acquisitions, where you can trade shares for another company. We aren't buying anyone. Traders have been day trading and manipulating the price for years anyway, it means nothing.
It opened at .99 today and is down to .95 currently. The stock has not been at $1 during open market hours since opening (9.30am) on Friday. 30 days from September 28 would be October 28. SHLD stock has until that day to get back to $1 or the first step towards a threat of de-listing will be tripped.
If the stock gets over a dollar for one day, the clock starts ticking again. 30 consecutive days is a long time.
Staying below a dollar for 30 consecutive days may not happen for awhile. After hours trading had brought the share price backup to a dollar this weekend. As noted, this is separate and distinct from bankruptcy.
Bankruptcy is not dependent on delisting. In fact a delisting is not a factor in any manner to bankruptcy. A company could remain delisted for many years without declaring bankruptcy.
As others notes; it would take at least 60 days to delist if the company is not in favor of delisting; is not in any form of default on it's covenants; and has not declared bankruptcy.
Delisting may be the least of sears worries.
@bog - good thing you ain't an investor - a sub 1.00 share price for 30 days receives the NAZ "deficiency notice" warning and then has "180" days to correct the violation by getting the share price above 1.00 for 10 consecutive days within the warning period - appeals start after the 180 days so technically it could be 6 months plus before a delisting - all fast Eddie gots to do is raise cash to keep prolonging the misery
30 consecutive trading days under a dollar and the NASDAQ sends a warning letter. SHC has 90 calendar days to fix it then. After that there are at least 2 appeal periods. So delisting is no sooner than February.