PNV Inc. was notified by the Nasdaq National Market in early January that it faces delisting from the stock market exchange because of its fallen share price. The Coral Springs, FL-based provider of bundled communications, cable TV and Internet services to the trucking industry suspended operations on Dec. 28.
Nasdaq has informed PNV that it does not meet the listing criteria for inclusion of its common stock on the national market. PNV's shares fell to as low as 3 cents on Dec. 21. Also, news sources say PNV does not expect to become compliant and, therefore, expects to be delisted from Nasdaq in the near future.
PNV filed a Chapter 11 petition in mid-December in U.S. Bankruptcy Court in Miami. The company listed $88.4 million in assets and $81.2 million in debts. Among PNV's largest creditors are Echostar Communications Corp., with $25.8 million in claims, Aspen Advisors LLC, with $15 million in claims and UBS Warburg Asset Management, with $13.7 million in claims. Among those asking "what's going on" are truckers who bought PNV's services. It is estimated that nearly 400 truckstops across the country offer truckdriver customers the option to pay a fee to hook into PNV's network.
PNV, after cutting 37 of its 307 workers in October, cut 190 more jobs in early January to get down to a reported "skeleton staff," reducing its workforce 74 percent since the fall.