Home electronics and appliance retailer hhgregg has been delisted by the New York Stock Exchange after the retailer’s average global market capitalization fell below NYSE’s minimum listing standards.
In an 8-K filing with the Securities and Exchange Commission, the company said it was notified by NYSE that its average global market capitalization over a consecutive 30 trading-day period fell below $15 million. As a result, the NYSE has started proceedings to delist its common stock with trading of the company’s stock suspended immediately after the market closed on February 27.
The company said in the SEC filing does not intend to appeal the determination and, therefore, it is expected that the stock will be delisted. Effective February 28, the company’s stock commenced trading on the OTC Pink marketplace under the symbol HGGG.
News of the company’s delisting comes just days after published reports indicated that the company may be nearing a Chapter 11 bankruptcy filing. The reports said the company hired a firm to pursue a range of potential strategic and financial transactions to improve liquidity and return to profitability.