CPY Stock Delisted - CPI Corporation (CPY)

CPI Corporation  (CPY) announced on Friday night that the stock will be delisted and begin trading on the OTC market on February 9, 2012.  CPI Corporation (CPY) is only an $11 million company now and after the huge plunge recently, delisting was right around the corner.

 

CPI Corp. Stock To Trade on OTCQX Starting February 9, 2012
 

CPI Corp. (NYSE: CPY) today announced that its common stock will begin trading on the OTCQX marketplace, effective February 9, 2012. OTCQX® is the highest tier of the OTC market, available exclusively for companies that meet high financial standards and undergo a qualitative review. The Company will announce its new trading symbol on February 8, 2012.
 

The Company plans to continue to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws and continue its commitment to transparency and the highest standards of governance. The transition of the Company's stock to the OTCQX will have no effect on the ownership of the Company's stock. CPI Corp.'s shareholders remain owners of the common stock and are expected to be able to trade the stock on the OTCQX marketplace as of February 9, 2012.
 

The transition to the OTCQX marketplace comes after the New York Stock Exchange (NYSE) announced that trading of the common stock of CPI Corp. will be suspended prior to the market opening on February 9, 2012 because the Company fell below an average market capitalization of $15 million over a consecutive 30-trading-day period, a minimum threshold for continued NYSE listing.