The Miami Entrepreneur

: Nasdaq to delist SVB Financial’s stock, after bankruptcy filing

To add insult to injury, SVB Financial Group SIVB, which said earlier Friday that it filed for bankruptcy, disclosed that it received a delisting notice from the Nasdaq Stock Market LLC. The stock has been halted for news and additional information requested since before the March 10 open, and will be “suspended” on March 28. Nasdaq said the decision to delist the stock followed SVB’s bankruptcy filing, concerns over the the “residual equity interest” of holders of existing listed securities and concerns over the company’s ability to comply with all listing requirements. SVB said it didn’t plan to appeal the Nasdaq’s decision. The stock last closed at $106.04 on March 9, down a record 60.4% on the day. On March 10, SVB’s Silicon Valley Bank was closed by regulators.

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