Wellman Stock Heads OTC
January 7, 2008,
The New York Stock Exchange (NYSE) suspended trading of the common stock of polyester producer Wellman, Inc. and has delisted the stock, a decision that the company did not appeal, according to an SEC filing by Wellman, which said its common shares will trade on over-the-counter markets.
The shares, had fallen below the NYSE's standard on minimum share price. (It requires the average closing price for any consecutive 30-day trading period not be lower than $1.) The decision was also based on the market capitalization of Wellman being below $25 million, the SEC filing said.
Related Content By Author
Live From New York Home Fashions Market: It's all about monitoring