Sapphire supplier GT Advanced Technologies has today had its stock removed from NASDAQ listings, and is not planning to appeal the decision, according to an announcement by the former. NASDAQ based the decision on GT declaring Chapter 11 bankruptcy earlier this month. That event caused GT’s stock to drop over 90 percent, and it has since slipped even further, last closing at 44 cents yesterday. Shares can still be bought under the GTATQ symbol on the OTC Pink marketplace.
Although motions have been filed to secure the information from becoming public, reports have suggested that GT’s bankruptcy was linked to it missing Apple contract deadlines and being unable to produce enough sapphire for iPhone 6 cover glass. Both led to Apple withholding critical contract payments, putting GT in a precarious position despite Apple offering assistance.
