PacSun will appeal a plan by NASDAQ to delist the company’s stock for trading under $1 for 30 days.
In a filing with the SEC today, the company said it will file the appeal this week and will present a plan that will allow it to regain compliance with NASDAQ rules, including a reverse stock split, if necessary.
The company said there is no guarantee its plan will be successful. If the company’s stock is eventually delisted, it will traded on the OTC Bulletin Board or in the Pink Sheets.
The NASDAQ news Monday is the latest development in PacSun’s evolving financial picture. Last week, the Wall Street Journal reported that the company has hired financial advisors to help it resolve its debt issues, including a restructuring firm that worked with Quiksilver, Sports Authority and American Apparel on their corporate bankruptcy restructurings.
