You are here
Dairy Mart Convenience Stores Inc., operator of more than 550 convenience stores in seven states said it has received notice that the American Stock Exchange will seek to delist its stock.
Dairy Mart, which filed for Chapter 11 bankruptcy protection on Sept. 24, said it would not appeal the decision and said it did not expect to be eligible for listing on the over-the-counter (OTC) Bulletin Board. It added that the stock may continue to trade on the OTC market.
The exchange cited the company's losses in two of its three most recent fiscal years, its shareholders' equity falling to deficit levels, the failure to file a 10-Q for the quarter ended Aug. 4, 2001, and its Sept. 24 Chapter 11 bankruptcy filing as factors in its determination.