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Frequently Asked Questions
  What happens to trading in the securities of a company after it announces a bankruptcy filing?
Identification Number 409
When a company announces that it has filed for bankruptcy protection or is subject to similar proceedings, or that such a filing is imminent, Nasdaq usually will impose a news dissemination halt. Generally, trading will be allowed to resume 30 minutes following release of the news. Shortly following the resumption of trading, Nasdaq will issue a delisting letter to the company, which will indicate that the company will be delisted in nine calendar days from the date of the determination letter unless it requests a hearing within seven calendar days. The company is required to publicly disclose that it has received this letter as soon as possible, but in no event later than four business days from receipt of the letter. Hearings are generally scheduled within 30-45 days of the date of Nasdaq's delisting letter. Please note that a Hearing request by a company in bankruptcy does not stay the suspension of the company’s securities, and any trading during the Hearings Panel review process would take place in the over-the-counter market and not on Nasdaq.
In addition, Nasdaq will broadcast an indicator over its market data dissemination network noting the company's non-compliance. The indicator will be displayed with quotation information related to the company's securities on providers of market data information, such as and Also, Nasdaq posts a list of all non-compliant Nasdaq companies and the reason(s) for such non-compliance on our website. Click here to view the list. The company will be included in this list commencing two business days from the date of the delist letter.

Publication Date*: 3/21/2023 Mailto Link Identification Number: 409
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