• Thomas Russell

Stanley avoids Nasdaq delisting

Company's stock price has been over $1 minimum threshold since late April

HIGH POINT – Stanley Furniture has received notice that it no longer faces delisting on Nasdaq following the return of its per share stock price to $1 or greater for 10 consecutive business days.

The Nasdaq Stock Market notified Stanley on Feb. 10 that its common stock was not in compliance with the minimum bid price as its per share price had been below $1 for 30 consecutive business days. As a result, it said the company could be delisted unless the stock price rose for at least 10 days before Aug. 9.

On May 11, it notified the company that the matter was now closed since its stock price had risen above $1 per share for 10 consecutive business days. Stanley's closing price has been over $1 per share since April 27. The stock closed May 18 at $1.05 per share.

The news comes on the heels of Stanley’s latest financial results released April 18, which showed improved financial performance during the first quarter.

“This is just the first of many signs to come of Stanley building back a business where we serve our customers like we want to,” said Glenn Prillaman, president and CEO. “And when we do that our business gets better.”

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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