Intelligencer Journal/Lancaster New Era
School Specialty stock trading to be suspended
BY TIM MEKEEL, Business Editor
Nasdaq intends to suspend trading of School Specialty common stock, the company said Wednesday.
The suspension will begin before the opening of the market next Wednesday.
Nasdaq also intends to delist School Specialty's stock, which trades under the symbol SCHS.
Nasdaq told School Specialty it was taking the action in the wake of School Specialty's voluntary bankruptcy filing Monday.
The exchange said it believes the stock's average closing price likely will fall below Nasdaq's minimum share price of $1 over a consecutive 30-trading day period.
Wisconsin-based School Specialty, which has two facilities here, said it does not oppose the suspension and delisting of its stock.
The company said prices for its stock might become available under a new symbol on the OTC Bulletin Board and Pink Sheets Electronic Quotation Service in the future.
School Specialty's stock closed Wednesday at 14 cents a share, the 15th straight day below $1.