MESA, Ariz. -- Megafoods here said its common stock has been delisted from the Nasdaq Stock Market, effective Oct. 13. The company, which has filed for reorganization under Chapter 11 of the Federal Bankruptcy Code, said the action was taken after Nasdaq refused to grant an exception to its listing criteria for factors including minimum bid price per share and market value of publicly held shares. Megafoods, which operates 58 grocery stores in Arizona, Texas and Nevada, said it believes the common stock will soon be listed on Nasdaq's bulletin board, an automated inter-dealer quotation system. However, that listing will be dependent upon securities brokers, not the company, making application to Nasdaq for the listing. Nasdaq is operated by the National Association of Securities Dealers, based in Washington.
