• Thomas Russell

Stanley faces possible delisting from Nasdaq

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.

In its Feb. 10 notice, the listings qualifications department of Nasdaq told Stanley it has a grace period of 180 calendar days, or until Aug. 9, to regain compliance with the minimum closing price requirement. It must meet this closing price requirement for at least 10 consecutive business days but no more than 20.

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.

Thomas RussellThomas Russell | Associate Editor, Furniture Today

I'm Tom Russell and have worked at Furniture/Today since August 2003. Since then, I have covered the international side of the business from a logistics and sourcing standpoint. Since then, I also have visited several furniture trade shows and manufacturing plants in Asia, which has helped me gain perspective about the industry in that part of the world. As I continue covering the import side of the business, I look forward to building on that knowledge base through conversations with industry officials and future overseas plant tours. From time to time, I will file news and other industry perspectives online and, as always, welcome your response to these Web postings.

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