WorldSpace Falls Off Nasdaq

Company won't contest the delisting after filing for Chapter 11 reorg.
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WorldSpace won't contest its delisting from Nasdaq.

The satellite company was told on Oct. 21 that it would be delisted, after it filed voluntary petitions for Chapter 11 reorganization. We've been reporting for some months on the cash crisis at WorldSpace as it tried to meet its debt obligations.

Nasdaq also told WorldSpace that the market value of its securities for 10 consecutive trading days had fallen below the minimum $50 million requirement for continued inclusion and that it failed to meet another rule about the value of its total assets and revenue.


Worldspace Hunting for Cash

Worldspace’s operating expenses continue to far outweigh its revenue, according to a quarterly summary filed by the satellite company with the U.S. Securities and Exchange Commission.