Furniture Brands International's stock began trading on the OTCQB Marketplace today under the ticker symbol FBNI.
The move follows an Aug. 23 announcement that the company planned to voluntarily delist its common stock from the New York Stock Exchange. The last day of trading was Tuesday, Aug. 27.
The company was informed on July 10 that it had fallen below the NYSE's continued listing criteria requiring companies to maintain an average market capitalization of not less than $50 million over a 30-day trading period. The same criteria also require the company to maintain a total shareholders' equity of not less than $50 million.
By choosing to voluntarily delist, Furniture Brands acknowledged it was not able to meet these standards. In a press release issued Aug. 23, it said that its absolute and average market capitalization had both fallen below $15 million.
Market capitalization is calculated by multiplying the share price by the total number of shares.
Furniture Brands said that this change in trading status does not change its SEC reporting obligations under applicable securities laws. It also will continue to file proxy statements, quarterly and annual reports and other required documents with the SEC.
