Apple sapphire supplier GT Advanced Technologies' woes continue today with the announcement that it will not appeal the suspension of its stock on the NASDAQ stock exchange. As part of this decision, the company's stock is no longer being traded on the NASDAQ stock market effective today, October 16. This removal was expected and is the result of the company's recent Chapter 11 bankruptcy.

GT Advanced Technologies Inc. today announced that it will not pursue an appeal of the determination by The NASDAQ Stock Market LLC ("NASDAQ") to suspend trading in the Company's common stock based on the Company's voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code. The Company has been informed that NASDAQ will suspend trading in the Company's common stock effective at the opening of the market on October 16, 2014.

GT's stock plummeted 90 percent following its bankruptcy announcement earlier this month, and has continued to fall since then, closing at just 44 cents per share yesterday. The stock will continue to trade under the symbol GTATQ on the OTC Pink marketplace.

gt-advanced-stock2
As part of the original deal, Apple made three loan payments to GT totaling $440 million and said it was working with GT to help overcome technical challenges to qualify for the fourth and final prepayment loan of $139 million. Apple also appeared set to delay scheduled repayments on the debt. But under the weight of difficulties that began at least as early as February, GT found itself unable to carry on its business operations and filed for bankruptcy with plans to shut down its sapphire production facilities.

Top Rated Comments

ateslik Avatar
92 months ago
Apple is going to have the last laugh when everybody realizes the Cupertino Spaceship is actually a giant sapphire furnace! What a kick in the boules!!
Score: 8 Votes (Like | Disagree)
theanimala Avatar
92 months ago
Their CEO should be investigated for selling all of that stock AND for signing such a stupid deal with Apple...
Score: 8 Votes (Like | Disagree)
69Mustang Avatar
92 months ago
I have to question Apples judgement regarding GTAT

Yesterday, forum member Makosuke and I were discussing the merits of the original deal and (s)he brought up an interesting point. If the info from that discussion is valid then I'm looking at Apple with a sideways glance and asking why?

"One other thing to take into account that I hadn't even realized before: I have no idea what the detailed financials of GTA are, but if you look at their annual financial statements, in 2011 they grossed about $900M with a profit of $175M; in 2012 they grossed $955M with profit of $183M; in 2013, they grossed $298M and came up $82M in the hole--a precipitous 70% decline in gross revenue. Part of their shortfall was due to increase in R&D spending, but there was also a drastic falloff in sales in 2013. Q1 2013 (six months before the Apple deal) was, in fact, pretty much the worst quarter they had ever reported..." - excerpted from Makosuke

Personally, I wouldn't have fallen for GT's song and dance but, if true, it would go a long way towards explaining why Apple had such a draconian contract drawn up. They may have been skeptical as well but considered $500 million an acceptable gamble. Now that I look at, I guess I really can't question Apple's judgement. My pocket and Apple's pocket hold slightly different volumes. Just slightly. :rolleyes: Relative to the potential reward, the risk for Apple wasn't that great.

Carry on. Nothing to see here.:)
Score: 6 Votes (Like | Disagree)
budselectjr Avatar
92 months ago
i watch it everyday. but while it is down overall sammy continues the upward trend even tho everyone eles is on the down:eek:

Samsung Electronics Co is down 9% since then.
Score: 4 Votes (Like | Disagree)
budselectjr Avatar
92 months ago
hell i wonder what happend to apple stock since the new iphone6 came out. it's been on the down swing. while samsung is on the up swing.

example currently
apple is at -1.15%
sammy is at +.45
The Nasdaq is down 8% since then in case you haven't been paying attention.
Score: 3 Votes (Like | Disagree)
DeadSeaMac Avatar
92 months ago
Not surprised

When your stock goes below $1.00 after announcing you're filing for Chapter 11, the fat lady is already singing because this party is over.

Gorilla Glass wins this round but sapphire crystal displays will eventually come to the iPhone, but GTAT won't be the supplier.

Imagine what Apple could have done with the 1/2 billion dollars they threw (away) at GTAT - A U2 world tour sponsored by :apple:
Score: 3 Votes (Like | Disagree)

Related Stories

studio buds family

Beats Studio Buds Debuting Today With Active Noise Cancellation, Stemless Design, and More for $150

Monday June 14, 2021 8:00 am PDT by
We've seen a lot of teasers about the Beats Studio Buds over the past month since they first showed up in Apple's beta software updates, and today they're finally official. The Beats Studio Buds are available to order today in red, white, and black ahead of a June 24 ship date, and they're priced at $149.99. The Studio Buds are the first Beats-branded earbuds to truly compete with AirPods...
macos catalina legacy system extension alert

Apple Begins Warning Users That 'Legacy System Extensions' Won't Work With a Future Version of macOS

Wednesday March 25, 2020 9:53 am PDT by
Apple has shared a new support document that indicates kernel extensions — which it calls "legacy system extensions" — will not be compatible with a future version of macOS because they "aren't as secure or reliable as modern alternatives."System extensions are a category of software that works in the background to extend the functionality of your Mac. Some apps install kernel extensions, which...
General Spotify Feature

Spotify Pauses Plans to Add AirPlay 2 Support to iOS App [Update: Spotify Clarifies]

Friday August 6, 2021 9:07 am PDT by
See update at bottom of article Spotify this week confirmed that its plans to add AirPlay 2 support to its iOS app have been placed on indefinite hiatus. In an online discussion forum post, a Spotify representative said the streaming music service had been working on supporting AirPlay 2, but the company has paused the efforts "for now" due to "audio driver compatibility issues." The...
apple privacy

Apple Publishes FAQ to Address Concerns About CSAM Detection and Messages Scanning

Monday August 9, 2021 1:50 am PDT by
Apple has published a FAQ titled "Expanded Protections for Children" which aims to allay users' privacy concerns about the new CSAM detection in iCloud Photos and communication safety for Messages features that the company announced last week. "Since we announced these features, many stakeholders including privacy organizations and child safety organizations have expressed their support of...
youtube apple tv

YouTube Discontinuing 3rd-Generation Apple TV App, AirPlay Still Available

Wednesday February 3, 2021 3:09 pm PST by
YouTube is planning to stop supporting its YouTube app on the third-generation Apple TV models, where YouTube has long been available as a channel option. A 9to5Mac reader received a message about the upcoming app discontinuation, which is set to take place in March.Starting early March, the YouTube app will no longer be available on Apple TV (3rd generation). You can still watch YouTube on...
m1 macbook air

Kuo: Mini-LED MacBook Air Coming in Mid-2022

Thursday July 22, 2021 7:48 pm PDT by
Apple will release a new version of the MacBook Air around the middle of 2022, Apple analyst Ming-Chi Kuo said today in note to investors seen by MacRumors. The upcoming MacBook Air will feature a 13.3-inch mini-LED display, which would make it the second Mac to gain mini-LED technology after the 2021 MacBook Pro, which is rumored to include a mini-LED display and is expected to launch later ...
Apple Films Tom Hanks Finch First Look

Apple Original Film 'Finch' Starring Tom Hanks to Premiere November 5

Thursday August 12, 2021 8:52 am PDT by
Apple today announced that the original film "Finch," starring Tom Hanks in its titular role, will premiere on Apple TV+ on Friday, November 5 and shared a first-look image from the film. The first look at "Finch," shared by Apple. The film, which is anticipated to be an awards season contender, revolves around a man, a robot (played by "Get Out" actor Caleb Landry Jones), and a dog that form ...
whatsintheboxiphonexs

Apple's iPhone XS, XS Max and XR Won't Ship With Lightning to 3.5mm Headphone Jack Adapter

Wednesday September 12, 2018 12:58 pm PDT by
Since the headphone jack was removed from the iPhone with the launch of the iPhone 7, Apple has bundled iPhones with a Lightning to 3.5mm Headphone Jack Adapter for customers who continue to have 3.5mm headphones. With the launch of the iPhone XS, iPhone XS Max, and iPhone XR, Apple is discontinuing this practice and will not include the Lightning to 3.5mm Headphone Jack Adapter. On the...
macbook air m1 first benchmark

Apple Silicon M1 Chip in MacBook Air Outperforms High-End 16-Inch MacBook Pro

Wednesday November 11, 2020 4:43 pm PST by
Apple introduced the first MacBook Air, MacBook Pro, and Mac mini with M1 Apple Silicon chips yesterday, and as of today, the first benchmark of the new chip appears to be showing up on the Geekbench site. The M1 chip, which belongs to a MacBook Air with 8GB RAM, features a single-core score of 1687 and a multi-core score of 7433. According to the benchmark, the M1 has a 3.2GHz base...
iphone 13 teal with text

Apple Begins Preparation for iPhone 13 Production Ahead of Fall Launch

Monday June 28, 2021 3:29 am PDT by
We're just a few months away from when Apple is expected to reveal the 2021 iPhone, dubbed the "iPhone 13." In preparation for its launch, it has been pulling in shipments of different components needed to produce the new iPhones, according to a report from DigiTimes. In years past, Apple released its latest iPhone lineup, alongside a new Apple Watch, during a September event at Apple Park....