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NYSE To Suspend Trading in Global-Tech Appliances Inc. and Moves to Remove from the List
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NEW YORK, December 4, 2008 -- The New York Stock Exchange announced today that it determined that the common stock of Global-Tech Appliances Inc. (the "Company") -- ticker symbol GAI -- should be suspended prior to the opening on Monday, December 22, 2008, or such earlier date as the Company commences trading in another securities marketplace or if there is material adverse development.
The Exchange's action is being taken in view of the fact that the Company has fallen below the average global market capitalization over a consecutive 30 trading-day period of not less than $25 million standard, which is viewed as minimum threshold for continued listing.
The Company has indicated that it had determined to move the trading of its common stock to another market in connection with the NYSE's suspension action.
Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures as the Company will not challenge this action. 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.
For further information contact:
Brian Yuen
Global-Tech USA, Inc.
212.683.3320
investorrelations@global-webpage.com
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting
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