At Home at Risk of Nasdaq Delisting

At Home Corp. (ATHM), the biggest provider of Internet service over cable television lines, is at risk of having its stock delisted from Nasdaq and its cash wiped out, Merrill Lynch & Co. analyst Henry Blodget wrote in a report.

At Home’s shares, which fell10 cents to close at 87 cents on Friday, are below requirements for Nasdaq-listed companies, At Home said this week in a Securities and Exchange Commission filing. If At Home shares are delisted, the company will owe $100 million under the terms of one of its financing agreements.

“Such a redemption would essentially wipe out the company’s cash balance and probably force immediate bankruptcy,” Blodget wrote. He rated At Home shares “neutral.”

Nasdaq requires companies such as Redwood City, Calif.-based At Home, whose net tangible assets and shareholders’ equity are below the exchange’s thresholds, to maintain a stock price above $3. At Home declined to comment.