NYSE Regulation, Inc. announced that it determined that the common stock of Gottschalks, Inc. - ticker symbol GOT - should be suspended prior to the market opening on Monday, October 27, 2008. The Company expects to commence trading on the over-the-counter market that same day under a symbol yet to be determined.
The decision to suspend the Company’s common stock was reached in view of the fact that the Company has recently fallen below the New York Stock Exchange’s 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.
Under applicable NYSE procedures, the Company plans to request a review of the 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 outcome of the appeal process.
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. -- www.nyse.com
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