Retailer Design Within Reach intends de-listing from NASDAQ
Shares to be traded on over-the-counter ‘pink sheets’
-- Kids Today, 6/29/2009 2:49:00 PM
SAN FRANCISCO – Retailer Design Within Reach has told the NASDAQ stock market that it intends to de-list its shares from the NASDAQ Global Market.
The company said trading likely will be suspended on July 6, and the official de-listing will take place on July 16.
Following the de-listing, the retailer said its shares will trade on the over-the-counter “pink sheets,” an electronic quotation service for companies whose shares are lightly traded.
Design Within Reach said it will continue to file quarterly and annual reports with the Securities and Exchange Commission.
The company said slightly more than 18,000 shares of its stock were traded during the past year – an amount that does not justify the expense and administrative burden of maintaining its NASDAQ listing.
In recent months, the company also has struggled to maintain the NASDAQ minimum price of $1 per share.
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