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Global Brokerage to voluntarily delist from Nasdaq

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Global Brokerage to voluntarily delist from Nasdaq

Global Brokerage Inc. has notified the Nasdaq Stock Market that it plans to voluntarily withdraw its class A common stock from listing on the Nasdaq Capital Market.

The last day of trading on the exchange will be Dec. 28. The company has not arranged to list or register its common stock on another national securities exchange.

The board plans to withdraw the common stock due to its intention to deregister its common stock and terminate its duty to file periodic reports with the SEC to lower its compliance costs.

Global Brokerage in November entered into an agreement to restructure its obligations under a pre-packaged Chapter 11 bankruptcy. Around the same time, Nasdaq told the company that it would remove its common shares from the Nasdaq Global Market and approved a transfer to the Nasdaq Capital Market, where the shares began trading at the market open Nov. 13.

In May, the company had received notice from Nasdaq that the market value of its common stock did not meet the exchange's requirements for continued listing.