Anaheim, Calif.-based Pacific Sunwear of California Inc. said in a regulatory filing today that it received a second warning letter from the Nasdaq Global Select Market about a delisting.
The company’s stock has been trading below the $1 required at least once in the past 30 days by the exchange. The most recent warning from Nasdaq, following one late last year, said shares of PacSun are scheduled for delisting on Thursday. The retailer said in its filing it intends to appeal the decision with a plan involving a reverse stock split to boost its share price.
Still, PacSun said, “There can be no assurance that the company’s appeal will be successful.”
PacSun’s stock was trading up about 2 percent to 22 cents today for a market value of roughly $16 million.
It was reported last week that the retailer had hired Guggenheim Securities and FTI Consulting Inc. as it looks for advice on what to do with a $160 million debt load set to mature this year amid a rugged landscape for retailers in general.
The company has undertaken a number of strategies over the past several years to improve its business, beginning with its play to build up the so-called heritage brands in the action sports space in its stores. That was followed by the development of the women’s business with lines from Kendall and Kylie Jenner and Brandy Melville.