American Exchange Delists Helionetics’ Common Stock
Helionetics Inc. said the American Stock Exchange has delisted the company’s common stock after a two-month suspension of trading.
“Our present financial condition does not meet their requirements,” said a Helionetics spokeswoman.
The Irvine-based company has been operating under Chapter 11 of the Federal Bankruptcy Code since July 31. Chapter 11 protects a company from its creditors while it works out a plan to pay its bills.
Helionetics said its common stock will continue to be traded over the counter. Trading on the Pacific Stock Exchange continues to be suspended, however, pending a review of the listing. Helionetics said that review is expected in three weeks.
For the first six months of 1986, Helionetics had a net loss of $2.5 million compared to a net loss of $4.9 million for the comparable period a year earlier.
In addition to making equipment to convert electronic power, Helionetics makes laser and electro-optical systems, primarily for defense contractors.
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