Jason Industries Announces Move to OTCQX Best Market
14 January 2020 - 10:30AM
Business Wire
Jason Industries, Inc. (NASDAQ:JASN) (“Jason” or the “Company”)
today announced that its shares have been qualified to begin
trading on the OTCQX® Best Market (“OTCQX”) on January 14, 2020.
The move to OTCQX follows notifications from The Nasdaq Stock
Market, LLC (“NASDAQ”) on January 3, 2020 and January 8, 2020 that
it had determined to suspend trading in the Company’s common stock
on January 14, 2020 and commence proceedings to delist the
Company’s common stock from NASDAQ.
NASDAQ reached its decision to delist the Company’s common stock
based upon the Company’s continued non-compliance with Nasdaq
Listing Rules 5550(b)(2), which requires an issuer to maintain a
market value of listed securities of at least $35 million, and
Nasdaq Listing Rule 5550(a)(2), which requires an issuer to
maintain a bid price of at least $1.00 per share. In accordance
with the Nasdaq Listing Rules, the Company had been provided a
180-day grace period within which to regain compliance with these
requirements, through December 30, 2019 and January 7, 2020,
respectively. The Company does not intend to appeal the
determination, as a result, trading of the Company’s common stock
on NASDAQ will be suspended at the opening of business on January
14, 2020, and a Form 25-NSE will be filed with the Securities and
Exchange Commission (the “SEC”), which will remove the Company’s
securities from listing and registration on NASDAQ.
Jason shares have been qualified and will begin trading on OTCQX
under its current trading symbol “JASN”, effective January 14,
2020. Following the completion of the delisting from NASDAQ, Jason
will remain a reporting company under the Securities Exchange Act
of 1934 and continue to be subject to the public reporting
requirements of the SEC. Jason does not expect that the
contemplated delisting or subsequent transition to OTCQX will
affect its business or operations.
"We look forward to working with the OTC Markets Group. This
move is an important step which will allow our shares to trade
among companies of similar size,” said Brian Kobylinski, Jason
Industries, Inc. President, Chief Executive Officer and Chairman of
the Board.
About Jason Industries, Inc.
The Company is the parent company to a global family of
manufacturing leaders within the finishing and seating markets,
including Osborn (Richmond, Ind. and Burgwald, Germany) and Milsco
(Milwaukee, Wis.). Headquartered in Milwaukee, Wis., Jason employs
more than 1,900 people in 13 countries. To learn more, please visit
www.jasoninc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200113005955/en/
Investor Relations Rachel Zabkowicz investors@jasoninc.com
414.277.2007
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