North American Scientific (NAS) has filed for protection under Chapter 11 of the U.S. Bankruptcy Code, resulting in the delisting of its securites from the Nasdaq Stock Market for non-compliance with marketplace rules.
The Chatsworth, Calif.-based NAS said it does not plan to request an appeal from Nasdaq. Also, trading of its common stock will be suspended at the opening of business on March 23 and its securities will be removed from Nasdaq listing and registration. The company said that it expects that its common stock will trade on the OTC Bulletin Board and/or the "Pink Sheets" following the approval of an application by one or more market makers to continue quoting in its common stock.
In a statement on Thursday, the sale of NAS' prostate brachytherapy product line to Best Theratronics would yield $2.5 million, rather than the original $5 million agreed on, according to Reuters. In its bankruptcy filing, NAS listed assets and debts of up to $10 million each.