The decision to suspend the Company’s common stock was reached in view of the fact that the Company has fallen below the New York Stock Exchange’s (“NYSE”) continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of not less than $25 million, which is the minimum threshold for listing.
The Company had also previously fallen below the NYSE’s continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of not less than $75 million and total stockholders' equity of not less than $75 million and was operating pursuant to an NYSE approved plan, which involved its contemplated merger transaction with APN Holding Company, Inc., the parent company of Applica Incorporated. This transaction has now been terminated as of July 31, 2007.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting