ModivCare receives Nasdaq delisting notice

Modivcare (MODV) announced that, on August 21, the company was notified by the Listing Qualifications Department of The Nasdaq Stock Market that Nasdaq had determined to commence proceedings to delist the company’s common stock as a result of the company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on August 20. Information regarding the company’s plans to implement, through expedited bankruptcy proceedings, a comprehensive restructuring transaction to strengthen its future, reduce debt and inject capital was announced in an August 20 press release. The restructuring transaction has the support of a supermajority of the company’s key stakeholders.