Grubb & Ellis, Knight Frank’s US partner, is to be dropped from the New York Stock Exchange (NYSE) because it does not meet market capitalisation and shareholders’ equity requirements.
The company had been operating under an NYSE-approved plan that was designed to bring it back into line with the exchange’s requirement that listed companies have a $50m (£32.22m) average market capitalisation and $50m shareholders’ equity continued listing criteria.
It was unable to meet aspects of the plan, the NYSE said.
Last week, Grubb & Ellis’ shares plunged 22% to $1.80 (£1.16) when the firm released a profit warning and asked for more time to complete its annual report. The shares closed at $1.69 (£1.09) on Monday.
NYSE said Grubb & Ellis will not challenge the decision to delist the stock.
The company will be suspended from trading on 17 October and is making arrangements to have its common stock traded on the over-the-counter market.
EGi News 09/10/02
