Windstream Holdings Inc. of Little Rock will be delisted from the Nasdaq, and trading of its stock will be suspended when the market opens on Wednesday, according to a Securities & Exchange Commission document filed Friday.
This news follows the company filing for bankruptcy on Monday, less than two weeks after a federal court judge found that the 2015 spinoff of its fiber and copper assets into a separate company ran afoul of bond covenants. The ruling exposed Windstream to a $310 million judgment.
In the SEC filing, Windstream said it received a letter from the Nasdaq’s listing qualifications department on Monday notifying it that, as a result of the Chapter 11 filing and in accordance with listing rules, it would be delisted stock from the exchange.
Windstream said it will not appeal the action, and that it expects trading of its common stock on the OTC Bulletin Board, or “pink sheets” market, to begin on Wednesday under the symbol “WINQ.”
The company said the move does not affect its operations and won’t change its reporting requirements under SEC rules.
Shares of Windstream (Nasdaq: WIN) ended the down almost 7 percent to 37 cents per share.
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