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.
Furniture Brands received a notice from the NYSE that it had fallen below the stock market’s continued-listing criteria on July 10. The market’s requirements include maintaining an average market capitalization of not less than $50 million over a consecutive 30-day trading period, and total stockholders’ equity of not less than $50 million. Subsequently, the company said it intended to submit a business plan within 45 days of the notice date, to attempt its ability to take care of the non-compliance within an 18-month period.
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.