MINNETONKA, Minn.- ATC Venture Group Inc. stock is expected to appear in the OTC Markets Dec.,. 17, the company announced. The company was delisted from the New York Stock Exchange (NYSE) in October.
ATC Venture Group is the parent company to Simonsen Iron Works Inc., an Iowa-based fabricator, powdercoat painter and assembler of metal-based products since 1906. It previously owned Cycle Country Accessories.
The company expects that the stock will begin trading under a new 4-character ticker symbol on the OTC starting Dec. 17, 2012. Investors will be able to view the Real Time Level II stock quotes at http://www.otcmarkets.com.
“We believe that the turnaround process that we have been in for the past few years has led to a deeply depressed stock price, and a change to the new market may provide a fresh opportunity for new participants to become aware of us,” said Robert Davis, chairman and CEO of the company. “In addition, there are substantial cost savings to the company from this change.”
The NYSE notified the company Oct. 5 that ATC no longer complied with the exchange’s continued listing standards because the aggregate market value of its public float was less than $1 million for 90 consecutive days as set forth in Section 1003(b)(i)(C) of the exchange’s Company Guide, because it had yet to file its Form 10-Q for the quarter ended June 30, 2012 as set forth in Sections 134 and 1101 of the Company Guide, and because of the low price of the Company’s common stock as set forth in Section 1003(f)(v) of the Company Guide. As a result, the exchange staff recommended that the company’s common stock be delisted. The company appealed their determination but lost.
Posted by Holly Wagner