The Progressive Accountant - Tax
NYSE to Delist Jackson Hewitt E-mail
Written by The Progressive Accountant   
Thursday, 05 May 2011 13:37

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Jackson HewittThe New York Stock Exchange plans to suspend trading in the common stock of Jackson Hewitt before trading opens on Monday, May 9. The tax preparation company said it had received the delisting notice because its stock price, the aggregate value of its common stock and shareholder equity fell below listing requirements.

It's the latest step in financial problems that have afflicted the Parsippany, N.J.-based company in the last year. Jackson Hewitt's stock did not average at least $1 per share for a 30-day trading period while its average aggregate share value and shareholder's equity each did not reach a required $50 million.

The company is still negotiating with lenders to restructure its balance sheet and provide funding. Jackson Hewitt has repeated a statement that these steps may include a pre-packaged bankruptcy. Whatever plan is reached, the lenders and the company said the remaining value of the common stock will likely be wiped out.


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