As Part of Financial Restructuring, Globix Voluntarily Delists from NASDAQ; Globix to be Traded on the the OTC Bulletin Board
NEW YORK – January 14, 2002
NEW YORK – January 14, 2002 – Globix Corporation (Symbol: GBIX) today has decided to voluntarily delist the Company’s common stock from quotation on the NASDAQ National Market and will trade on the Over-the-Counter Bulletin Board (OTCBB). The voluntary delisting of the Company’s common stock is effective at the close of business today, January 14, 2002, and the common stock will commence trading on the OTCBB tomorrow, January 15, 2002.As announced this morning, Globix is currently engaged in a financial restructuring designed to ensure the financial stability of the Company. The financial restructuring involves the filing of a voluntary prepackaged bankruptcy proceeding under Chapter 11 of the U.S. Bankruptcy Code, to be filed in February 2002. Under NASDAQ rules, a company’s security must be delisted when the company’s financial restructuring involves any sort of bankruptcy proceeding. After the Company’s financial restructuring is completed, the Company plans to submit an application for relisting on the NASDAQ Stock Market.
Globix is a leading provider of advanced Internet hosting, network and applications solutions for business. Globix delivers services via its secure state-of-the-art Internet DATA Centers, its high-performance global backbone and content delivery network, and its world-class technical professionals. Globix provides businesses with cutting-edge Internet resources and the ability to deploy, manage and scale mission-critical Internet operations for optimum performance and cost efficiency.