* * *
• The New York Stock Exchange said it suspended trading in the company and will now seek to delist the shares.
• The Committee has not recommended any more drastic sanction, such as delisting.
The reasons for delisting include violating regulations and/or failing to meet financial specifications set out by the stock exchange. Companies that are delisted are not necessarily bankrupt, and may continue trading over the counter.
In order for a stock to be traded on an exchange, the company that issues the stock must meet the listing requirements set out by the exchange. Listing requirements include minimum share prices, certain financial ratios, minimum sales levels, and so on. If listing requirements are not met by a company, the exchange that lists the company's stock will probably issue a warning of non-compliance to the company. If the company's failure to meet listing requirements continues, the exchange may delist the company's stock.
Illegal dealing in the company's shares led to its de-listing from the main market.
»Last month saw the lowest monthly total of delistings in the past year.