Rowe stock trading moves from Big Board to Amex
By Furniture Today Staff -- Furniture Today, March 16, 2003
McLean, Va. — The stock of upholstery producer Rowe Cos. has moved to the American Stock Exchange after failing to meet requirements to remain on the New York Stock Exchange.
The NYSE said the company did not meet the exchange's requirements for market capitalization and stockholders' equity. Rowe has market capitalization of about $30 million, and on Dec. 31 had shareholders' equity of $48.8 million.
Rowe officials said the company also fell short of the Amex minimums of a $3 share price and a $50 million market capitalization, but met alternate listing standards. In allowing the listing, the Exchange Listing Qualifications Panel noted the company is profitable, has a 57-year operating history, has demonstrated sound management, and exceeded certain initial listing standards.
Gerald Birnbach, Rowe's chairman and president, said the move is "in the best interest of the company and its shareholders."
The stock began trading on Amex last Thursday and has kept its ticker symbol ROW.
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