New York Stock Exchange Suspends Standard Register Co. Stock
Standard Register Co., Dayton, Ohio, was suspended from the New York Stock Exchange (NYSE) prior to the opening of trading on March 4. The NYSE's decision to delist the common stock was based on Standard Register's inability to meet NYSE's continued listing standard requirements. Listed companies must maintain "an average global market capitalization over a consecutive 30 trading day period of not less than $15 million," according to a press release.
Standard Register's common shares are now available for trading over-the-counter (OTC) on the OTC Pink marketplace under the ticker symbol SRCT.
After weighing factors like cost, the probability of success, and the best interest of its shareholders, Standard Register has chosen not to appeal at this time. "This transition to the OTC markets does not affect the company's business operations and will not change its obligation to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws," Standard Register said in a statement.
Earlier this year, Standard Register hired three firms to assist in what Dayton Business Journal Senior Reporter Joe Cogliano called "a major financial makeover." Cogliano went on to say that the company's ability to retool itself would be a boon to the Dayton region. The company has approximately 825 local employees and 3,600 total workers, he reported.