Yellow Corp.’s stock will be delisted from the Nasdaq Stock Exchange next week as part of its bankruptcy process, the company said in a securities filing Wednesday.
Trading of Yellow’s common stock, which can fall no lower than its par value of 1 cent per share, will be suspended at the opening of business Wednesday, Aug. 16, the carrier said.
The company’s stock has plummeted since last year, when shares reached above $8, according to Google Finance.
Yellow stock has tanked in the past year
Yellow also reported financial metrics for Q2 2023 on Wednesday.
The LTL giant faced a $14.7 million net loss as customers diverted freight to other carriers in Q2, prompting Yellow to shutter operations, lay off most of its workforce and file for bankruptcy.
The net loss compared to net income of $60 million in the same quarter last year.
As volumes evaporated and the company began winding down, its real estate exits ramped up.
Yellow reported a $75.9 million gain in Q2 attributed to property disposals, a strategy it was already pursuing as part of its One Yellow network overhaul plan.
The real estate exits helped the company end the quarter with operating income of $38.9 million. That figure was 60% lower than the $99.2 million in operating income reported in Q2 2022, when the company gained a net of $3.2 million from property disposals.
Operating revenue was $1.127 billion last quarter, compared to $1.424 billion in Q2 of last year.
The carrier blames the International Brotherhood of Teamsters for the bankruptcy, saying the union effectively froze its business plan and refused to negotiate proposed changes for nine months.
The Teamsters, noting the $700 million COVID-relief loan from the Treasury Department in 2020 and billions in wage and other concessions union workers have given Yellow since 2009, blame mismanagement for the company’s fate.
