Guilford Mills sees NYSE trading suspended

By Staff -- Home Textiles Today, 2/12/2002 12:00:00 AM

Greensboro, NC — With its shares trading for less than $1 for 30 consecutive trading days, Guilford Mills' stock is being delisted by the New York Stock Exchange for non-compliance with continued listing standards.

With stock trading at low levels, the market capitalization of the company — the total value of all its outstanding shares — has dropped beneath $15 million for the same period of 30 trading days.

Guilford said the NYSE rejected a business plan that detailed how the company would move its stock price higher to meet continued listing requirements.

Trading in Guilford stock was suspended Feb. 11 and will be delisted as soon as routine procedures are completed by the NYSE.

Guilford said it's applying to have its common stock quoted on the OTC Bulletin Board within the next several days, with a new ticker symbol.