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What happens to trading in the securities of a company after it announces the bankruptcy filing?

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What happens to trading in the securities of a company after it announces the bankruptcy filing?

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When a company announces that it has filed for bankruptcy protection, or that filing is imminent, NASDAQ will impose a news dissemination halt. Generally, trading will be allowed to resume 30 minutes following release of the news. Shortly following the resumption of trading, NASDAQ will issue a delisting letter to the company, which will indicate that the company will be delisted in nine calendar days from the date of the determination letter unless it requests a hearing within seven calendar days. The company is required to publicly disclose that it has received this letter as soon as possible, but in no event later than four business days from receipt. If the company requests a hearing, trading will usually continue until the Panel issues its determination. Hearings for bankrupt companies are generally scheduled within 25-30 days of the date of NASDAQ’s delisting letter. In addition, NASDAQ will broadcast an indicator over its market data dissemination network noting the company’s no

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