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QualTek Services Inc. Receives Nasdaq Delisting Notice
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
QualTek Services Inc. (NASDAQ: QTEK) has been notified by Nasdaq that its common stock will be delisted due to the company's commencement of voluntary Chapter 11 bankruptcy proceedings. Trading in the stock will be suspended on June 2, 2023.
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QualTek Services Inc.'s common stock will be delisted from Nasdaq due to the company's Chapter 11 bankruptcy proceedings, which may negatively impact its stock price.
BLUE BELL, Pa.--(BUSINESS WIRE)--
QualTek Services Inc. (NASDAQ: QTEK), today announced that it was notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that Nasdaq had determined to delist the Company’s common stock as a result of the Company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code. Nasdaq informed the Company that trading in the Company’s common stock would be suspended at the opening of business on June 2, 2023.
QualTek Services Inc. and certain of its subsidiaries filed for voluntary Chapter 11 protection on May 24, 2023.
About the Company
Founded in 2012, QualTek is a leading technology-driven provider of infrastructure services to the 5G wireless, telecom, power grid modernization and renewable energy sectors across North America. QualTek has a national footprint with more than 65 operation centers across the U.S. and a workforce of over 5,000 people. QualTek has established a nationwide operating network to enable quick responses to customer demands as well as proprietary technology infrastructure for advanced reporting and invoicing. The Company reports within two operating segments: Telecommunications, and Renewables and Recovery and has already become a leader in providing disaster recovery logistics and services for electric utilities. For more information, please visit https://www.qualtekservices.com.
