NYSE Regulation, Inc. ("NYSE Regulation"Â) announced on April 26th that it determined that the common stock of Bally Total Fitness Holding Corporation (the "Company"Â) - ticker symbol BFT - should be suspended prior to the market opening on May 2, 2007 . The Company expects its common stock to be quoted on the Pink Sheets following suspension.
The action is being taken in view of the fact that the Company had fallen below the NYSE's continued listing standard for average global market capitalization over a consecutive 30 trading day period of not less than $75 million. The Company has also recently triggered the NYSE's continued listing standard for minimum share price, as the average closing price of its common stock is less than $1.00 over a consecutive 30 trading day period.
In addition, the Company was under review by NYSE Regulation due to the delay in filing its December 31, 2006 Form 10-K with the Securities and Exchange Commission ("SEC"Â) and the uncertainty regarding the timing for completion of this annual filing.
The Company submitted materials to NYSE Regulation to address the above matters on an accelerated basis. However, after reviewing these materials, NYSE Regulation decided to proceed with suspension of trading.
The NYSE noted that it may, at any time, suspend a security if it believes continued dealings in the security on the NYSE are not advisable. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures as the Company has indicated that it will not challenge this determination. -Source: http://www.nyse.com
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