SAN DIEGO-Leap Wireless International Inc. said it was notified by the Nasdaq Stock Exchange that its stock would be delisted on Oct. 11.
The exchange said Leap has failed to comply with its shareholder approval requirements, failed to comply with the net tangible assets and stockholder’s equity requirements for continued listing, and has raised separate public interest concerns under market rules.
Leap said it intends to request a hearing before a Nasdaq Listing Qualifications Panel to review the delisting determination. If the review fails, Leap said it expects its stock would likely be quoted on the Over-the-Counter Bulletin Board.
Leap’s stock was down more than 16 percent in early Friday trading to 20 cents per share.
