15816 Mon, 12/22/2008 - 1:28pm
ATLANTA–Spectrum Brands, the parent company of Remington personal-care products, has transferred the trading of its common stock from the New York Stock Exchange to the Over the Counter market.
Effective today, according to a Spectrum statement, the company’s common stock will be traded on the OTC market and quoted on the Pink Sheet Electronic Quotation Service under the symbol SPCB. The stock had been traded on the NYSE under the symbol SPC. As of today, the trading of Spectrum’s stock on NYSE has been suspended.
In November, the NYSE sent a notice to Spectrum that the company did not satisfy one of the exchange’s standards for continued listing of its common stock. Spectrum’s average 30-trading-days market capitalization as of Oct. 31 was $72.4 million, less than the $75 million required for continued listing on the NYSE.
The statement said the transition to the OTC market is not expected to have a direct impact on its current business operations, or cause a default in Spectrum’s credit agreements. In addition, the transition should not affect the company’s shares or its registration with the U.S. Securities and Exchange Commission, or the record status of holders of record of the common stock.