Bestway stock delisted by Nasdaq
By Furniture Today Staff -- Furniture Today, January 2, 2005
Dallas — Rent-to-own retailer Bestway, which late last year said it intended to go private, has had its stock delisted from the Nasdaq SmallCap Market.
The company, which has 69 stores in the Southeast, said the stock may still be eligible for quotation on the OTC Bulletin Board or in the Pink Sheets, provided a market maker enters a quote. According to an electronic listing, the stock's new ticker symbol is BSTW.PK.
Nasdaq told the company its stock was delisted because Bestway wasn't in compliance with the exchange's rules. The RTO merchant had requested the stock remain listed until it completed its plan to go private, but Nasdaq denied the request. Bestway said it would not appeal that ruling.
Bestway President and CEO David Kraemer noted that after the company goes private, its stock wouldn't be listed anyway.
"By terminating the registration of our common stock and relieving ourselves of the reporting requirements of the (Securities and Exchange Commission) and other obligations, we estimate that we will save approximately $775,000," he said, mainly in fees associated with compliance with SEC rules.
Bestway said it is awaiting SEC approval of its proxy statement and Schedule 13E-3 before proceeding with a reverse-forward stock split as part of the transaction to go private.
