Kona Grill Inc.’s stock is no longer trading on the Nasdaq Global stock exchange, Phoenix Business Journal reported. The Scottsdale, Ariz.-based Asian fusion restaurant chain’s stock was delisted from the Nasdaq April 25 after it did not pay its annual fee to be included on the exchange. Because Kona has around 13 million total outstanding shares, its annual fee would have been $55,000, according to the Nasdaq’s 2019 listing guide. Now Kona’s common stock trades are being handled on the over-the-counter markets — the so-called Pink Sheets. Kona’s stock price closed April 25 at 14 cents per share. Kona had a chance to appeal the delisting, but it appears the company’s leaders decided otherwise. Separately, Kona is looking for a buyer to avoid a possible bankruptcy protection filing. Even if someone was to buy Kona Grill, the company could still have to enter chapter 11. Being delisted from a major market might not look good to potential buyers and with the potential of a bankruptcy filing looming, there is a chance its stockholders might not get anything even if the company is acquired. Kona is currently in default on its loans and has closed down at least eight of its locations this year.
