Air Miles owner reaches penny stock status on NASDAQ

Air Miles, which was once the premier loyalty program in Canada, has fallen on tough times. On March 10, its U.S. parent, Loyalty Ventures Inc., filed for bankruptcy protection south of the border, while the same day its Canadian subsidiary sought bankruptcy protection under the Canadian Creditors Arrangement Act.

Now, shares of Loyalty Ventures Inc. have reached penny stock status. They closed at $0.013 on the NASDAQ yesterday. A year ago, the shares traded at $16. Five years ago, their price was $28. BMO is trying to rescue the Air Miles program by buying it.