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Stock Exchange to Delist Bombay

By Staff -- Gifts and Dec, 6/26/2007 1:36:00 PM

Fort Worth, TX—The New York Stock Exchange (NYSE) intends to suspend home accent retail chain The Bombay Co.’s common stock prior to NYSE’s opening on June 28. NYSE will then move to delist the company’s stock. The NYSE's application to the Securities and Exchange Commission to delist is pending the completion of applicable procedures; however, the company said in a statement that it does not intend to request a review of the NYSE's determination. The Bombay Co. instead took steps to arrange for its common stock to be quoted on the OTC Bulletin Board.

Electronic trading on the NYSE of The Bombay Co.'s common stock ceased in April 2007. On May 24, the company disclosed that it was not in compliance with the NYSE continued listing requirements. These require the average closing price of its common stock to be not less than $1 over a consecutive 30 trading day period, as well as average global market capitalization over a consecutive 30-trading day period of not less than $75 million, and stockholders' equity of not less than $75 million. The company’s stock rose in late May on the news that it had received buy offers, but not enough to surpass the $1 mark.

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