Sun-Times Media to be delisted from NYSE
By Erina Lin, Friday 9 May 2008 at 22:12 :: Management :: #1641 :: rss
The Sun-Times Media Group said Wednesday its shares are expected to be delisted from the New York Stock Exchange because its price doesn't meet the minimum, the Chicago Tribune reported.
The publisher of the Chicago Sun-Times and other newspapers in the area disclosed in late March that the NYSE had notified it that its shares were in danger of being delisted.
At the time, the company had vowed that it would seek to cure the prices and maintain its listing on the NYSE. However, the company said Wednesday that it has notified NYSE that it no longer intends to try to cure the shortfall.
According to Sun-Times Media, it expects trading in its shares to be suspended, and then delisted by the NYSE.
Once its shares are removed from the NYSE, Sun-Times Media stock will trade on the OTC bulletin board, the company said, according to Chicago Tribune.
Sun-Times Media shares closed Wednesday down six cents at 69 cents, which valued the company at a $55.4 million.
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