SGI to be delisted from New York Stock Exchange
SGI announced today that it has received notification by the New York Stock Exchange (NYSE) that its common stock running under the ticker symbol "SGI" and its 6.5 percent Senior Secured Convertible Notes due June 1, 2009 ("SGI 09") will no longer be traded on the NYSE beginning with the opening of business on Monday, November 7. SGI expects its common stock will be quoted on the OTC Bulletin Board.
SGI said that it had been advised on May 9, 2005 that its common stock had fallen below the NYSE’s minimum share price standard for continued listing. The NYSE’s standard requires that a company’s common stock trade at a minimum average closing share price of $1.00 during a consecutive 30-day trading period.
Following the announcement SGI’s stock dropped 33 percent to 44 Cents. The firm’s market value dropped sharply to about $118 million.
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