The company’s stock has been trading in the over-the-counter market under the symbol XOCM.OB since it emerged from chapter 11 bankruptcy in January of 2003.
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“By beginning the process to list XO’s shares on the NASDAQ, we move closer to achieving another milestone set out for the company,” Carl Grivner, chief executive officer of XO Communications. “The listing of XO’s common stock on the NASDAQ will enhance the company’s liquidity, providing benefits to both XO and its shareholders. It will also enhance our ability to meet our stated goals of expanding our company by acquisitions through the use of both cash and stock.”
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XO said that as part of the Nasdaq approval process, it will be required to meet certain eligibility criteria including audit committee membership standards as well as other qualitative and quantitative requirements.
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XO recently raised nearly $200 million through a rights offering. The proceeds were used to reduce the company’s total debt load from $536.5 million to $338.9 million.
