|
|
|
NYSE to Suspend Tefron Ltd and Moves to Remove from the List
| | |
NEW YORK, December 12, 2008 -- The New York Stock Exchange announced today that it determined that the ordinary shares of Tefron Ltd (the "Company") -- ticker symbol TFR -- should be suspended prior to the opening on December 22, 2008, or such earlier date as the Company commences trading in another securities marketplace or if there is a material adverse development. 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.
The Exchange's action is being taken in view of the fact that the Company has recently fallen below the quantitative continued listing standards applicable to the Company; average market capitalization of not less than $75 million over a 30 trading day period and stockholders’ equity of not less than $75 million; average global market capitalization over a consecutive 30 trading-day period of not less than $25 million, which is viewed as minimum threshold for listing with no plan period permitted; and average closing share price of $1.00 over a 30-trading-day period.
The NYSE will make the appropriate filings with the U.S. Securities and Exchange Commission pending the completion of its applicable procedures, as the Company has informed the NYSE that it will not challenge this determination. 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:
Eran Rotem
Chief Financial Officer
+972-4-9900803
reran@tefron.com
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting
|
