OCZ securities to be delisted by Nasdaq in wake of bankruptcy filing

By Caroline Salls

Pittsburgh, Dec. 19 - OCZ Technology Group, Inc. said the listing qualifications staff of the Nasdaq Stock Market LLC decided to delist its securities as a result of the company's Dec. 2 bankruptcy filing, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Specifically, the staff said the delisting results from OCZ's voluntary Chapter 11 filing, the associated public interest concerns raised by it, concerns regarding the residual equity interest of the existing listed securities holders and concerns about the company's ability to sustain compliance with all requirements for continued listing.

OCZ said it does not plan to appeal the decision. As a result, trading of its common stock will be suspended at the opening of business on Dec. 27 and a 25-NSE will be filed with the SEC, removing the company's securities from listing and registration.

After trading is suspended on Nasdaq, the company said its securities may be immediately eligible for trading on the OTC Bulletin or the OTC Pink Marketplace, but only if a market maker applies successfully to quote the securities.

OCZ is a Sunnyvale, Calif.-based producer of computer memory and components. The company filed for bankruptcy on Dec. 2 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 13-13126.

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