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Worldwide Xceed Group, a New York-based i-shop that last month said its ability to “fund current operations” was in doubt, has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois.
Meanwhile, Xceed has also decided to withdraw its request for a hearing before the Nasdaq Listing Qualifications Panel and now expects its common stock to be delisted from the Nasdaq National Market on Wednesday. The Nasdaq requires stocks to trade at $1 or more for ten consecutive trading days.
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