NY Stock Exchange Begins Delisting Process for 4Kids
posted on by Egan Loo
The American licensing and distribution company 4Kids Entertainment has announced on Thursday that the New York Stock Exchange (NYSE) has begun delisting procedures for the company, since its average market capitalization over 30 trading days has been less than US$15 million. 4Kids will be deciding over the next 10 business days on whether to exercise its right to request a review of the delisting decision. If 4Kids does not request a review, it expects to trade its stock on the over-the-counter market.
4Kids announced in March that the NYSE had warned of the possible delisting. Chairman and Chief Executive Officer Alfred Kahn had said during the conference call for 4Kids' 1st Quarter 2010 financial results that, if the company was delisted, it would continue to operate and "trade on pink sheets" in the over-the-counter market.
Thanks to dynasore for the news tip.