LINN Energy common shares to be delisted from Nasdaq amid bankruptcy

By Caroline Salls

Pittsburgh, May 16 – LINN Energy, LLC received a letter from the listing qualifications department of the Nasdaq Stock Market LLC, notifying the company that its common shares will be delisted from Nasdaq, according to an 8-K filed Monday with the Securities and Exchange Commission.

Nasdaq cited LINN’s announcement that it filed Chapter 11 bankruptcy, the associated public interest concerns raised by the bankruptcy filing, 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.

In addition, the Nasdaq staff stated that, on April 22, LINN was notified that the bid price of the company’s common shares had closed below $1.00 per common share for 30 consecutive trading days, and accordingly, it did not comply with Nasdaq’s listing rules.

Unless the company requests an appeal, trading of the common shares will be suspended at the opening of business on May 23, and the shares will be removed from listing and registration on Nasdaq.

LINN said it does not intend to appeal the exchange’s determination.

According to the 8-K, the company expects that its common shares will be eligible to be quoted on the OTC Pink operated by the OTC Markets Group Inc.

LINN Energy, a Houston-based oil and gas company, filed bankruptcy on May 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 16-60040.

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