SAN FRANCISCO—OmniSky Corp.’s stock dropped by about 30 percent in trading after the company said it has been unable to raise additional capital and that it is “evaluating the potential benefits of a reorganization, sale or other form of restructuring under the federal bankruptcy code.”
The company said it is filing for a Nov. 19 extension to submit its quarterly 10-Q financial statement. OmniSky said it’s financial outlook was hurt by the Sept. 11 terrorist attacks, and that it may reorganize or restructure in bankruptcy if it “will allow for a more orderly process or advantageous transaction.”
The company’s stock was trading for about 20 cents per share after the news.
