Greenville, Wis.-based School Specialty Inc. announced it has received written notification from the staff of The Nasdaq Stock Market, notifying the company that its common stock traded under the symbol SCHS will be suspended from trading on the Nasdaq.
The notice said Nasdaq staff also will apply to the Securities and Exchange Commission to commence delisting procedures for the stock.
The suspension will begin prior to the opening of the market on Feb. 6.
The Nasdaq staff advised School Specialty that it is taking these steps because of the company’s Jan. 28 voluntary Chapter 11 bankruptcy filing, the residual equity interest of the existing listed securities holders and because the average closing price of the company’s common stock will likely fall below Nasdaq’s continued listing minimum share price standard of $1 over a consecutive 30-trading day period.
Due to the company’s Chapter 11 filing and related sale process, School Specialty is not opposing the suspension and delisting of its securities.
Price quotations for the company’s common stock may become available under new symbols on the OTC Bulletin Board (OTCBB) and Pink Sheets Electronic Quotation Service in the future. School Specialty is a specialty education company that provides proprietary products, programs and services to help educators engage and inspire students of all ages and abilities to learn.