Posted Monday, April 20, 2009 11:37 AM | Contributed by Jeff
Six Flags, Inc. announced today that its common stock will commence trading on the OTC Bulletin Board under the ticker symbol "SIXF" on Monday, April 20, 2009. The Company's Preferred Income Equity Redeemable Shares (PIERS) will also be traded on the OTC Bulletin Board under the ticker symbol "SIXFP". The New York Stock Exchange will suspend trading of the Company's common stock and PIERS and the common stock ticker symbol "SIX" and PIERS ticker symbol "SIX-PRB" will each be discontinued prior to market open on Monday, April 20, 2009. Information regarding trading of the Company's common stock and PIERS on the OTC Bulletin Board may be obtained at www.otcbb.com.
Read the entire press release on Reuters.
Just out of curiosity, what does this do to current SIX stock holders? Is their stock worth anything? Or is it worth diddly-squat?
I don't think it changes the face value of the stock. SIX had been trading under a dollar for so long that the NYSE was obligated by its own rules to drop them. It's just that now the shares converts to penny stock.
That depends on your definition of "diddly-squat."
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