Furniture Brands to Delist from NYSE
August 26, 2013,
ST. LOUIS-Furniture Brands International said it will voluntarily delist its common stock from the New York Stock Exchange.
In a company statement, Furniture Brands said it will transfer the quotation of its common stock to the OTCQB Marketplace, a market for the trading of over-the-counter stocks. This decision was driven by a number of factors, including Furniture Brands' non-compliance with the NYSE's market capitalization and stockholders' equity requirements, the statement said.
The company expects to file an application to inform the U.S. Securities and Exchange Commission of its withdrawal from the NYSE. It added that it expects that its last day of trading on the NYSE will be on or about Aug. 27, and the next trading day will be its first on the OTCQB.
After the company's market capitalization fell below $15 million, Furniture Brands informed the NYSE that it would not submit a business plan after all. In its statement, the company said it believes it won't be able to comply with the market's continued-listing criteria.