Hot Features
Premium
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
The New York Stock Exchange announced today that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the common stock of Kid Brands, Inc. from the NYSE.
Trading in the Company’s Common Stock will be suspended prior to the opening of trading on the NYSE on Monday, March 31, 2014. The Company expects to commence trading on the over-the-counter market that same day under a symbol yet to be determined.
NYSE Regulation reached its decision to delist the Common Stock pursuant to Listed Company Manual Section 802.01B because the Company has fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of not less than $15,000,000.
In addition, the Company had previously fallen below the NYSE’s continued listing standard in Section 802.01B of the LCM which requires the Company to maintain either (i) an average global market capitalization over a consecutive 30 trading day period of not less than $50,000,000 or (ii) stockholders’ equity of not less than $50,000,000, and was operating under an NYSE approved business plan. Furthermore, the Company is also below the NYSE’s continued listing standard in Section 802.01C of the LCM requiring listed companies to maintain an average closing price per share of not less than $1.00 over a consecutive 30 trading day period.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of a listed security in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend trading in a security and commence delisting proceedings if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. The NYSE will apply to the Securities and Exchange Commission to delist the Common Stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
