Stanley faces possible delisting from Nasdaq
February 16, 2017,
HIGH POINT – Stanley Furniture has received notice that it faces a delisting from the Nasdaq Stock Market unless its stock price moves above a $1 per share threshold for at least 10 consecutive business days before Aug. 9.
In an 8k filing on Feb. 15, the company said it received the notice because its stock price has fallen below the $1 mark for 30 consecutive business days. Its share price was $1.03 on Dec. 27, but since then it has fallen below $1, trading at 87 cents per share on Feb. 15.
The filing said the notification has no immediate effect on the listing or trading of the company’s common stock on Nasdaq, which will continue to trade under the symbol STLY.
If it does not meet this requirement by Aug 9, the company may be eligible for an additional 180 calendar day grace period.
In the filing, Stanley informed the SEC that it intends to monitor the bid price for its common stock over the next 180 days and will consider “available options to resolve the deficiency and regain compliance” with the minimum bid price requirement. However, it offered no assurances that it will be eligible for an additional grace period or that the common stock will not be delisted.
Company President and CEO Glenn Prillaman was not immediately available for comment.
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