LV developer’s stock plunges 50 percent, faces delisting

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Tuesday, April 25, 2000 | 10:45 a.m.

Las Vegas developer Saxton Inc. is requesting a hearing before the Nasdaq Listing Qualifications Panel seeking to avert delisting of the company's stock.

Saxton is currently in the midst of restructuring and is negotiating with its creditors, and has yet to file its annual report with the Securities and Exchange Commission.

In February, the company suspended construction on its Nevada and Utah projects due to cash flow difficulties.

Saxton recently resumed partial construction projects in Las Vegas and Reno, but in a statement warned "there can be no assurance" those projects would reach completion.

Saxton also reported that earlier this month company directors Robert Barengo and Robert Hynote resigned, citing personal reasons.

These developments announced Monday sent the company's stock plunging more than 50 percent today. It dropped to 50 cents in midday trading.