SiliconBeat

Ampex, one of the oldest companies in Silicon Valley, told the Nasdaq stock market Thursday that it no longer wants to appeal the stock exhange’s decision to delist its stock, according to a release the Redwood City company put out Thursday. The decision to remove the company’s stock from trading on the Nasdaq market was a result of Ampex filing for protection under chapter 11 of the U.S. Bankruptcy Code on March 30.

We have previously posted on Ampex’s travails last year with its largest investor, ValueVest, a San Francisco fund that had been trying to convince Ampex it needed to better exploit its vast patent portfolio. Ampex further annoyed the investor when it floated the idea of issuing more stock as one way to restructure debt it owed the company that manages Ampex’s pension fund.