“GT Advanced Technologies Inc. stock is going over to the pink sheets after shares plummeted in the wake of the company’s bankruptcy filing earlier this month,” Michelle Jones reports for Seeking Alpha. “The new stock ticker symbol will be (OTCPK:GTATQ) at the over-the-counter market.”
“Thursday’s move comes as no surprise, as the Apple Inc. supplier’s stock plunged below $1 a share and shows no signs of returning above that level. GT said today that it will not fight the NASDAQ’s decision to remove its shares from the exchange,” Jones reports. “The suspension on the NASDAQ was effective today at the opening of the markets.”
“The judge [Henry Boroff] said that the deal between GT Advanced and Apple was a bit strange and certainly complex. He basically said that it seems as if Apple is guilty of continuing to change the specs on the sapphire glass it wanted from GT, making it difficult for the company to comply with Apple’s many demands,” Jones reports. “GT wants to shut down its sapphire manufacturing facility because of the cash burn at the facility, which it said was because of Apple’s demands.”
Read more in the full article here.
Related articles:
GT Advanced confidentiality hearing with Apple delayed – October 16, 2014
GT Advanced bankruptcy judge challenges Apple’s penchant for secrecy – October 15, 2014
Apple, GT Advanced in secret session with bankruptcy judge – October 9, 2014
Apple supplier GT Advanced: Confidentiality pact rules out bankruptcy explanation – October 9, 2014
Apple ‘surprised’ by GT Advanced’s bankruptcy filing – October 8, 2014
Shattered sapphire dreams at GT Advanced – October 8, 2014
Apple’s withholding of $139 million payment led to GT Advanced bankruptcy filing – October 7, 2014
GT Advanced CEO sold 9,000 shares the day before Apple’s iPhone 6/Plus event – October 7, 2014
Law firms launch investigations into possible violations of federal securities laws by GT Advanced – October 7, 2014
Analyst: Apple may take possession of sapphire furnaces from GT Advanced – October 7, 2014
Apple to provide debtor in possession financing to GT Advanced? – October 7, 2014
Investors stunned over GT Advanced bankruptcy filing – October 7, 2014
GT Advanced files for chapter 11 bankruptcy court protection – October 6, 2014
Apple and GT Advanced rampup sapphire production in Mesa – August 11, 2014
GT Advanced expects sales of sapphire production tools to boost profit; shares surge – August 5, 2014
Apple and GT Advanced open second sapphire plant in Salem, Massachusetts – June 19, 2014
Apple patents method for embedding sapphire displays in LiquidMetal device chassis – May 27, 2014