Wellman Stock Heads OTC
Heath E. Combs -- Furniture Today, January 7, 2008
The New York Stock Exchange (NYSE) suspended trading of the common stock of polyester producer Wellman, Inc. and has delisted the stock, a decision that the company did not appeal, according to an SEC filing by Wellman, which said its common shares will trade on over-the-counter markets.
Wellman will remain a reporting company for SEC purposes, the company said, noting, "This decision should not impact the financial status of the company or affect the way it conducts its business."
The shares, had fallen below the NYSE's standard on minimum share price. (It requires the average closing price for any consecutive 30-day trading period not be lower than $1.) The decision was also based on the market capitalization of Wellman being below $25 million, the SEC filing said.
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