Finlay to List Shares on OTC Bulletin Board Following NASDAQ Delisting
July 10, 08
Fine jeweler Finlay Enterprises announced Wednesday that it is in the process of transferring the quotation of its common stock to the OTC Bulletin Board (OTCBB), a regulated quotation service maintained by the Financial Industry Regulatory Authority.
This follows an April announcement from Finlay that it had received notification from NASDAQ, indicating that the company was not in compliance with the continued listing requirement of the Nasdaq Marketplace rules due to, for 30 consecutive trading days, the company’s common stock not maintaining a minimum market value of $5 million.
Finlay was given 90 calendar days, until July 1, to regain compliance with this minimum requirement. On July 2, Finlay received notification that, because compliance had not been regained, trading in Finlay stock would be suspended and its stock delisted on July 11, unless the company appealed the move.
On July 8, Finlay informed NASDAQ that it did not intend to appeal.
The OTCBB displays real-time quotes, last-sale prices and volume information in over-the-counter equity securities.
Finlay expects that its common stock will be eligible for quotation on the OTCBB on or shortly after it is delisted from NASDAQ on July 11.
The fine jewelry retailer reported a loss from continuing operations of $11 million, or $1.19 per share, for the first quarter ended May 3. Sales increased 25.9 percent to $205.1 million, compared to $162.9 million in the previous year period.
The company’s specialty jewelry stores – Carlyle, Congress and Bailey Banks & Biddle – contributed sales of $77.7 million, up from $27.2 million the year before; however, comparable store sales (stores open for the same months during the comparable period) decreased 4.5 percent for the quarter.