Spectrum Brands Faces Delisting on NYSE

2008-11-06 | 06:41

Market cap falls below $75 million.

The New York Stock Exchange has notified Spectrum Brands Inc. that the company’s stock faces delisting because its average total market capitalization was less than $75 million over a 30 trading-day period and at the same time its stockholders’ equity was less than $75 million.

As of Oct. 31, Atlanta-based company’s 30 trading-day average market capitalization was $72.4 million.

“While we are extremely disappointed in the recent performance of our stock, which was pressured during the last few months by an extremely volatile market as well as by the distribution of over 12 million shares held by our largest shareholder, Thomas H. Lee Partners, a private equity firm, in conjunction with the winding down of one of its investment funds, we do not believe that this notification reflects the performance of our businesses,” said Kent Hussey, CEO of Spectrum Brands, in a statement.

Spectrum has about 45 days to submit a plan that shows it can comply with listing standards within 18 months. It will post fiscal 2008 financial results on Nov. 11.