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From Home Furnishing Business

FBI De-Lists from NYSE

August 26, 2013  by in Economic News, Industry   

The St. Louis-based parent of Thomasville, Broyhill, Lane, Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture, Maitland-Smith and LaBarge will transfer quotation of its common stock to the OTCQB Marketplace. FBI's last day of trading on the NYSE should be Tuesday. As of 9 a.m. Monday, Furniture Brands' common stock stood at $0.73 a share.

The company will issue a subsequent press release confirming the first trading date on the OTCQB and the trading symbol for the OTCQB before the transfer occurs. Following the transfer, the company will continue to file the same periodic reports and other information it currently files with the SEC.

FBI had received notice on July 10 that it had fallen below the NYSE’s continued listing criteria requiring listed companies to maintain an average market capitalization of not less than $50 million over a consecutive 30 trading-day period and total stockholders’ equity of not less than $50 million. The company’s absolute market capitalization has since fallen below $15 million. If the company’s average market capitalization for 30 trading-days is below $15 million, the company will be subject to initiation of delisting procedures by the NYSE without regard to the submission of a business plan for attempting to cure non-compliance. Since it will voluntarily delist, the company has informed the NYSE that it will not be submitting a business plan.