San Jose, CA, Dec. 5, 2005 — Calpine Corp. was notified by the New York Stock Exchange (NYSE) that the company’s common stock will no longer be traded on the NYSE.
The NYSE advised the company that it expects to suspend trading in CPN prior to the opening of the market on Tuesday, December 6, 2005, or earlier if it deems necessary.
The NYSE attributed its decision to suspend trading to the abnormally low selling price of Calpine’s common stock and the company’s current financial condition.
Calpine found itself on the brink of declaring bankruptcy when a Delaware court ordered the company to repay an over $300 million debt it incurred buying fuel for its power plants.
Calpine expects its common stock will be quoted on the OTC Bulletin Board.
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