SFXE Shares Tumble To 88¢, NYSE Delisting and Bankruptcy Loom
SFXE shares fell another 15% on Thursday morning, trading at just $.88 midday. Listed on the New York Stock Exchange, SFXE stock can be removed from trading if its price closes below $1.00 for 30 consecutive trading days.
Meanwhile, on Thursday, Wall Street watchers Seeking Alpha said that SFX was running out of cash and likely headed to bankruptcy.
SFXE stock began its latest dramatic decline last Friday, after CEO Robert Sillerman missed a deadline to finance a stock buyback.