SAN DIEGO-Leap Wireless International Inc. will be delisted from the NASDAQ National Market, effective immediately.
Leap was notified this week that the NASDAQ Listing Qualifications Panel denied its request for continued listing despite its inability to trade at the required $1 per share minimum for more than 30 consecutive days. Leap expects to now trade on the OTC Bulletin Board (OTCBB) or another quotation service.
“This decision will not affect our day-to-day operations and does not change our strategic focus,” said Harvey White, Leap’s chairman and chief executive officer. “While we are obviously disappointed with the panel’s decision, we expect to move forward with our plans to restructure the outstanding indebtedness of both Leap and Cricket in order to create a stronger company better positioned for the future.”
