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NYSE to Suspend Trading in Six Flags Inc. and Moves to Remove from the List
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NEW YORK , April 9, 2009 – NYSE Regulation, Inc. (“NYSE Regulation”) announced today that it determined that the common stock of Six Flags, Inc. (the "Company") – ticker symbol SIX – and the Company’s Preferred Income Equity Redeemable Shares (PIERS) (each representing one-hundredth of a share of 7¼% mandatorily redeemable preferred stock) – ticker symbol SIX.PRB - should be suspended from trading prior to the market opening on Monday, April, 20, 2009. The Company expects to commence trading on the over-the-counter (OTC) market that same day under a symbol yet to be determined.
The decision was reached in view of the fact that the Company had 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. The Company does not presently meet the NYSE’s market capitalization and stockholders’ equity continued listing criteria and was operating under an NYSE plan.
Prior to the NYSE’s February 26, 2009 rule filing submitted to the Securities and Exchange Commission (“SEC ”) to temporarily suspend the $1.00 minimum share price requirement, the Company had previously been notified that it had fallen below the NYSE’s continued listing standard for average closing price of less than $1.00 over a consecutive 30 trading day period.
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 SEC 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.
Company Media Contact: Sandra Daniels – (212) 652-9393
Company Investor Relations: William Schmitt – (203) 682-8200
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting
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