Corinthian Colleges Inc (NASDAQ:COCO) is dropping like a rock after the Company said on February 11 that they Received a Delisting Notice from NASDAQ. It looks as if they will not bhe able to meet any of the requirements and will be delisted next week; this comes as no surprise to COCO which has been in steep decline for many years. Back in 2004 COCO commanded $35 a share; a far cry indeed from the pennies it trades for now.
COCO received a letter on February 5, 2015 from The NASDAQ Stock Market notifying the Company that trading of the Company’s common stock will be suspended from The NASDAQ Capital Market at the opening of business on February 17, 2015 and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on NASDAQ, as a result of its failure to comply with NASDAQ Listing Rule 5250(c)(1) (the “Rule”). You can see the rest of the pr here.
COCO exploded last months off its $0.065 low’s to highs over $0.25 a share but has been falling steadily since then. This comes on fears concerning the late filings and coming de listing from the NASDAQ stock exchange the recent low are a culmination of many bad years with things only getting worse.
Corinthian Colleges Inc (NASDAQ:COCO) used to be a bellwether among for-profit colleges boasting several billion a year in revenues and a student base of several hundred thousand not sore any more.
Enrollment has declined significant while COCO has been under constant scrutiny from regulators. The for-profit education industry has been criticized for recruiting students most-likely to qualify for government-backed student loans, yet not improving their job prospects after graduation.
Back in July COCO reached an agreement with the Department of Education to sell most of its campuses or close them down. Some 85 of its 107 campuses are on the block, but the company has yet to find a buyer. Corinthian disclosed late last week that an accreditation agency is examining its placement records:
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Corinthian offers post-secondary career education through its Everest, Heald and WyoTech campuses, as well as online. Program areas include health care, business, criminal justice, transportation technology and maintenance, construction trades and information technology.
COCO mission is to help students prepare for careers in demand or to advance in their chosen field. With more than 81,300 students as of June 30, 2013, we are one of the largest post-secondary education companies in the U.S. and Canada. We offer short-term diploma programs and associate, bachelor’s, and master’s degrees. Our main program areas include health care, criminal justice, business, information technology, transportation technology and maintenance, and construction trades. In addition, we offer online degree programs that include business, accounting, criminal justice, paralegal and information technology.
As of June 30, 2013, COCO had approximately 81,300 students and 15,200 employees, including 6,000 faculty. They serve students and operate our schools in keeping with our core values, including integrity, service, excellence and accountability.
On October 3 COCO announced it has received a letter from The NASDAQ Stock Market (“Nasdaq”) notifying the Company that it is not in compliance with Nasdaq Listing Rule 5250(c)(1). The Rule requires timely filing of reports with the U.S. Securities and Exchange Commission (the “SEC”). Nasdaq sent the notice, dated September 29, 2014, as a result of the Company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2014 (“10-K”).
As previously disclosed in a Report on Form 8-K filed with the SEC on July 7, 2014, the Company entered into an Operating Agreement (the “Operating Agreement”) with the U.S. Department of Education which became effective on July 8, 2014, and which, among other things, required the Company to produce certain documents within certain time periods, teach out and close 12 of its schools, and pursue selling the remainder of its Title IV-eligible schools.
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Currently trading at a $9 million market valuation COCO is in dire straits; under serious investigation, their filings late and the stock now being delisted and sent to the OTCBB.
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Disclosure: we hold no position in COCO either long or short and we have not been compensated for this article.