Spansion (SPSN) shares today have jumped 6 cents, or 128%, to 11 cents. The maker of NOR flash memory chips filed Chapter 11 a month ago. On March 23, the company indicated that it is “in discussions with multiple companies regarding the potential sale of some or all of the company’s assets.”The obvious question is whether there will be anything left over for common stock holders when the company reorganizes. As of the end of the September quarter, the company had just under $1.3 billion in long-term debt; the current market cap is about $18 million.
Anyway, I can’t find any obvious reason for the sudden jump; no news, no analyst reports, no SEC filings. Still awaiting comment any comment from the company.
Update: A spokesperson for the company said Spansion doesn’t comment on activity in its stock. At the close, Spansion was up 7.97 cents, or 159.4%, to 12.97 cents. And in late trading, the stock is up another 0.99 cents, or 7.6%, to 13.96 cents. That’s some pretty wild trading for a company with no news at all.
