New York Stock Exchange Regulation, Inc. announced that it determined that the common stock of Handleman Company – ticker symbol HDL – should be suspended prior to the market opening on Tuesday, March 25, 2008.
The decision to suspend the Company’s common stock was reached in view of the fact that the Company has 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 viewed as minimum threshold for continued listing.
In addition, we noted the Company’s abnormally low share price, which closed at $0.34 on March 18, 2008, with a resultant market capitalization of $7.0 million.
The Company has a right to a review of this determination by a Committee of the Board of Directors of New York Stock Exchange Regulation. Application to the U.S. Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of 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. -- www.nyse.com
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