It's official: Six Flags off the New York Stock Exchange
In a long-anticipated development, Six Flags' stock will be booted off the New York Stock Exchange, effective April 20.
The stocks has been trading under $1 per share since last fall. That's the minimum price for a stock to be eligible for listing on the NYSE.
Six Flags will not appeal the decision, and had been warned that this day was coming, if the stock price did not rise. Shares were trading around 26 cents today.
Six Flags' stock will now trade on the over the counter market, along with so-called "penny stocks." While the move is typically considered a blow to a company's prestige, corporate prestige is in pretty short supply around Wall Street these days. So NBD there.
Six Flags is playing that angle, too.
"The delisting of our common stock is a by-product of the inherited debt load on our balance sheet and the overall financial markets. In no way does it reflect the operational strength or turnaround of this company," said Six Flags chief Mark Shapiro said in a statement. "This development will have zero impact on our park operations, the guest experience this summer or our vendor relationships."
It's a bummer to see this happen, but as Shapiro said, every company is taking a major blow around now. My Disney stock is lower right now than it was when I bought it nearly four years ago!
My gut tells me that they will be alright for now. After all,
Look on the bright side. Six Flags stock has doubled in the last couple weeks. I've seriously been thinking about investing. The loss would be minimal, while the gain could pay off. I really don't think Six Flags is done.
And I thought it would turn around.... It would have been a risky, but perhaps rewarding stock to have. Glad I didn't listen to myself, but big whoop! They knew it was going down
Sweatin' yet, Shapiro? Or still cool as a cucumber?
I don't understand why Shapiro got rid of Mr. Six? It was a great marketing ploy! That floating Asian Head was really annoying. Sure, Mr. Six is annoying, but it was silly and fun!
Mr Six is pretty much back as spokesman. I was at SFoT Friday and it was all Mr. Six all the time while waiting in queue to ride.
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