Looks like the inevitable has occurred. Now, are they off NASDAQ and onto pink sheets? Not sure how that works.
9 replies (most recent on top)
It worked for the Eddiot at Autonation, and he thought he could use the exact same play over and over. He got lucky the first time, and just couldn't wrap his mind around the fact that a capital intensive business like retail can't function without said capital.
It’s about time, the manipulation finally ends! In case you’re not familiar....when Eddie “bought” Sears and formed SHLD he did a massive stock buyback, which artificially inflated the stock. Everyone cheer emperor Eddie. He did the same in 2007 and it shot up to $180 a share (remember that?). But here’s the kicker, sales were down that year, and every year since. Eddie depleted the capital he should have spent fixing the stores, advertising and rebranding Sears and Kmart on stock buy backs that enriched him and his buddy Bruce.
Good riddance SHLD stock! It was one of the many tools Eddie used to drain assets out and into his pocket.
It's suspended.
Yep. Delisted today.
https://listingcenter.nasdaq.com/Issuers has the list.
When I saw the story on Seeking Alpha, I drew a sharp breath. I might be cynical about Sears, angry and disappointed in all that has gone on but this made me truly sad.
According to the New York Times, the stock has been delisted
It's not on the NASDAQ anymore. It's OTC.
Currently at 23 cents and still trending down. The last few rats are finally putting on their life jackets and heading for the lifeboats.
https://ih.advfn.com/stock-market/USOTC/sears-holdings-corp-SHLDQ/chart?fbclid=IwAR3kjRAzoK13_qw3acBG7No1bFHF7DSg5mw-R37zKNeH6UzisbCMHTunsqY
According to SEC.GOV
When a company is involved in bankruptcy proceedings, the letter "Q" is added to the end of the company's stock ticker symbol. In most cases, when a company emerges from bankruptcy, the reorganization plan will cancel the existing equity stock and the old shares will be worthless.