Birmingham, Ala.-based property insurer Vesta Insurance Group announced that the New York Stock Exchange will suspend trading the company's common stock (ticker symbol VTA).
The suspension, announced yesterday, will begin with the opening of business on Jan. 5, 2006, or at an earlier date determined by the NYSE at its discretion.
Vesta previously disclosed that on Nov. 9 it received notice from the NYSE that it was considered "below criteria" because its average total market capitalization was less than $75 million over a consecutive 30-trading-day period and its last reported shareholders' equity was less than $75 million.
In addition, Vesta is considered a "late filer" because it has yet to file its Dec. 31, 2004 Form 10-K and four quarters of Form 10-Qs with the Securities and Exchange Commission.
"We are disappointed that we will not be able to complete the filing of our Form 10-K within the NYSE's initial 9-month cure period," said Norman W. Gayle III, president and chief executive office, in a statement. "We remain committed to doing everything we can to complete all necessary work related to the audit of our 2004 financial statements and filing the appropriate periodic reports with the SEC as soon as possible."
The announcement said that while NYSE trading is being suspended, the company expects its common stock will be quoted on the Pink Sheets (which detail the prices of over-the-counter stocks) under a new symbol to be assigned by NASDAQ.
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