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.
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.