Leslie’s Inc. (NASDAQ:LESL) shares fell 35.88% to $0.065 in after-hours trading Monday after Nasdaq notified the company that it plans to delist its common stock following the company’s Chapter 11 bankruptcy filing.

Leslie’s is a specialty retailer of pool and spa supplies.

Nasdaq Delisting Notice

Nasdaq’s Listing Qualifications Department notified the company on Oct. 5 that it had determined to delist Leslie’s common stock as a result of its Chapter 11 Cases, according to an SEC filing. This follows an earlier notice from Nasdaq on Sept. 25 to delist the stock after its bid price closed below the $1.00 minimum requirement for 30 consecutive business days. Trading in the company’s common stock is set to be suspended at the opening of business on Oct. 6, and Leslie’s did not request a hearing to appeal Nasdaq’s determination.

The company said it anticipates its stock will begin trading on a market operated by OTC Markets Group following the suspension, though it provided no assurance that trading would commence or continue there.

Bankruptcy Financing Details

Leslie’s and its subsidiaries filed voluntary Chapter 11 petitions on Sept. 30 to implement a pre-arranged plan of reorganization. On Oct. 2, following interim court approval, the company entered into a $90 million senior secured debtor-in-possession term loan facility and a $225 million asset-based revolving credit facility. The company borrowed $45 million under the term loan facility on Oct. 2, with an additional $45 million available upon entry of a final court order. No loans were drawn under the revolving facility as of that date.

The company cautioned that trading in its securities during the Chapter 11 process is “highly speculative” and that equity holders may experience a “significant loss” on their investment if the reorganization plan is confirmed.

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Trading Metrics, Technical Analysis

Leslie’s has a market capitalization of approximately $927,890.

Over the past year, Leslie’s shares have fallen 97.74%.

The stock has traded between a 52-week high of $12.53 and a 52-week low of $0.09.

Benzinga’s Edge Stock Rankings show a negative price trend across short-, medium- and long-term time frames.

Price Action: In the regular session, Leslie’s shares fell 29.99% to close at $0.10 on Monday.

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