Building Materials Holding Corp. (BMHC), the San Francisco-based pro dealer, will be dropped from the New York Stock Exchange (NYSE) listing for failing to meet minimum market capitalization standards. Trading of the BLG stock will be suspended on Oct. 29, according to the NYSE announcement. The NYSE also noted that the company’s average share price has, on previous occasions, fallen below the NYSE’s standard of not less than $1.00 for 30 consecutive days.
In a statement issued after the NYSE announcement, BMHC said it will move the trading of its common stock to the OTC Bulletin Board, or OTCBB, an electronic, regulated quotation service that displays real-time quotes, last-sale prices and volume information for over-the-counter equity securities not listed on national securities exchanges. Companies listed on the OTCBB are still subject to SEC filing requirements and other regulatory authority.
“We remain dedicated to achieving continued improvement in our financial results through the significant operational restructuring we have undertaken,” said Robert Mellor, BMHC’s chairman and CEO. “We expect a number of market participants to make a market in our stock in the OTC system and that our investors will be able to continue trading BMHC shares.”
The company also said it would announce further details of its planned move to OTC trading prior to Oct. 29.