Ebix (OTC:EBIXQ), Inc. (NASDAQ:EBIX), a global provider of software and e-commerce services, is set to be delisted from the Nasdaq Stock Market, following its ongoing Chapter 11 bankruptcy proceedings. The Nasdaq Listing Qualifications Department has decided to remove the company's common stock from listing, with the delisting to take effect at the opening of the trading session on February 26, 2024.
This move comes after Nasdaq suspended trading of Ebix's common stock on December 28, 2023, in response to the company's Chapter 11 Cases. The decision to delist is in accordance with Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1. The Nasdaq filed a Form 25 with the Securities and Exchange Commission on February 15, 2024, to formalize the delisting process.
The delisting of Ebix shares marks a significant development for the company, which had previously disclosed its financial troubles and the subsequent bankruptcy filing on December 18, 2023. The Chapter 11 Cases have led to this latest regulatory action by Nasdaq, as the company seeks to navigate through its restructuring efforts.
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