Estimated reading time: 0 minutes, 45 seconds

Jackson HewittThe New York Stock Exchange plans to suspend trading in the common stock of Jackson Hewitt before trading opens on Monday, May 9. The tax preparation company said it had received the delisting notice because its stock price, the aggregate value of its common stock and shareholder equity fell below listing requirements.

It's the latest step in financial problems that have afflicted the Parsippany, N.J.-based company in the last year. Jackson Hewitt's stock did not average at least $1 per share for a 30-day trading period while its average aggregate share value and shareholder's equity each did not reach a required $50 million.

The company is still negotiating with lenders to restructure its balance sheet and provide funding. Jackson Hewitt has repeated a statement that these steps may include a pre-packaged bankruptcy. Whatever plan is reached, the lenders and the company said the remaining value of the common stock will likely be wiped out.

Last modified on Sunday, 02 June 2013
Read 3902 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline