GT Advanced Technologies Inc (NASDAQ:GTAT) stock is going over to the pink sheets after shares plummeted in the wake of the company’s bankruptcy filing earlier this month. The new stock ticker symbol will be OTCMKTS:GTATQ at the over-the-counter market.
GTAT delisted at NASDAQ
Today’s move comes as no surprise, as the Apple Inc. (NASDAQ:AAPL) supplier’s stock plunged below $1 a share and shows no signs of returning above that level. GT said today that it will not fight the NASDAQ’s decision to remove its shares from the exchange. The suspension on the NASDAQ was effective today at the opening of the markets.
Shares of GT Advanced Technologies have plunged by 90% after the company said it was filing for bankruptcy. In court filings, the company has attempted to shift the blame for its bankruptcy over to Apple.
Apple battle rages on
GT wants permission to reveal more details about its supplier agreement with Apple, but Apple has been fighting to keep the details of that agreement private. Today the court asked for a specific list of documents Apple wants to keep sealed.
Do you know which under-the-radar stocks the top hedge funds and institutional investors are investing in right now? Click here to find out.
According to Bidness Etc, Judge Henry Boroff said that all of the documents which are relevant to the case can’t possibly have proprietary information in them. As a result, he said that all of that “foot-high stack of documents” doesn’t need to be kept sealed. Apple has until Monday to submit a list of the documents it wants to keep under wraps as the bankruptcy case drags on.
The judge said that the deal between GT Advanced and Apple was a bit strange and certainly complex. He basically said that it seems as if Apple is guilty of continuing to change the specs on the sapphire glass it wanted from GT, making it difficult for the company to comply with Apple’s many demands.
GT wants to shut down its sapphire manufacturing facility because of the cash burn at the facility, which it said was because of Apple’s demands.