Finlay Enterprises, Inc. said Wednesday it is in the process of transferring its common stock to the OTC Bulletin Board.
The OTCBB is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information in over-the-counter equity securities and is maintained by the Financial Industry Regulatory Authority.
Finlay said it was advised that a market maker has filed the necessary application with the FINRA to make a market in the company’s common stock on the OTCBB. The company said it expcts its common stock will be eligible for quotation on the OTCBB on or shortly after it is delisted from The Nasdaq Global Market on Friday.
On April 2, Finlay received notification from The Nasdaq Stock Market stating that the company was not in compliance with Nasdaq Marketplace Rule 4450(a)(2) because its common stock had not maintained a minimum market value of publicly held shares of $5 million required for continued listing on The Nasdaq Global Market. The company had until July 1 to regain compliance with this minimum requirement. On July 2, the company received a “Staff Determination” notification from Nasdaq indicating that, because compliance had not been regained, trading in the company’s common stock would be suspended and the company’s common stock would be delisted on July 11 unless the company appealed the determination. On July 8, Finlay informed Nasdaq that it did not intend to appeal.
Finlay Enterprises, Inc., through its wholly-owned subsidiary, Finlay Fine Jewelry Corp., is a fine jewelry retailer operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States. It achieved sales of $835.9 million in 2007. The number of locations at the end of the first quarter of fiscal 2008 totaled 781, including 67 Bailey Banks & Biddle, 35 Carlyle and five Congress specialty jewelry stores.