YRC stock in danger of being delisted
KANSAS CITY – YRC’s stock is at risk of being delisted from Nasdaq if it forges ahead with a plan to issue more common shares.
The plan is part of the beleaguered LTL carrier’s financial restructuring.
According to the St. Louis Business Journal, the company in a Securities and Exchange Commission filing that it plans to ask for a waiver under a financial viability exception, but it might not get one.
YRC is proposing to exchanging some outstanding debt for equity, as well as issuing new equity to the Teamsters as part of a controversial concession deal it reached with the union.
In the filing YRC said even if Nasdaq officials don’t remove the stock because of the exchange, it could be in danger of delisting because shares probably would trade for less than the stock exchange’s minimum price of $1.
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