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Exchange to Drop Lenox Stock

By Staff -- Gifts and Dec, 5/12/2008 8:03:00 AM

Eden Prairie, MN — The New York Stock Exchange (NYSE) will suspend trading in Lenox Group Inc.’s common stock prior to the market opening on Friday, May 16.

NYSE decided on the suspension because Lenox didn’t meet the exchange’s continued listing standard, requiring the company to maintain an average global market capitalization over a consecutive 30 trading-day period of not less than $25 million. An application to the SEC to delist Lenox’s stock is pending.

Lenox doesn’t intend to request a review of the determination, the company said in a statement. Instead, Lenox plans to have its common stock quoted on the OTC Bulletin Board. Marc Pfefferle, Interim CEO, said, “We will continue to operate and report as a public company and do not believe that this development will affect our ongoing efforts to identify and evaluate strategic alternatives."

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