School Specialty Receives Nasdaq Stock Market Delisting Notification
January 30 2013 - 4:09PM
School Specialty, Inc. (Nasdaq:SCHS) ("the
Company") today announced that it has received written notification
from the staff of The Nasdaq Stock Market ("Nasdaq"), notifying the
Company that its common stock traded under the symbol SCHS will be
suspended from trading on the Nasdaq, and that the Nasdaq staff
will apply to the Securities and Exchange Commission to commence
delisting procedures for these securities.
The suspension will begin prior to the opening of the market on
February 6, 2013. The Nasdaq staff advised School Specialty that it
is taking these steps because of the Company's January 28, 2013
voluntary Chapter 11 filing, the residual equity interest of the
existing listed securities holders, and because the average closing
price of the Company's common stock will likely fall below Nasdaq's
continued listing minimum share price standard of $1 over a
consecutive 30-trading day period.
Due to the company's Chapter 11 filing and related sale process,
School Specialty does not oppose the suspension and delisting of
its securities.
Price quotations for the Company's common stock may become
available under new symbols on the OTC Bulletin Board (OTCBB) and
Pink Sheets Electronic Quotation Service in the future. Information
about these services is available at www.otcbb.com and
www.pinksheets.com.
School Specialty cannot predict what the ultimate value of any
of its securities may be and it is uncertain whether shareholders
will receive any distribution from proceeds of a sale and whether
these securities will have any value following the Chapter 11 case.
As a result, School Specialty urges investors to exercise
appropriate caution with respect to any existing or future
investments in School Specialty's securities.
About School Specialty, Inc.
School Specialty is a leading education company that provides
innovative and proprietary products, programs and services to help
educators engage and inspire students of all ages and abilities to
learn. The company designs, develops, and provides preK-12
educators with the latest and very best curriculum, supplemental
learning resources, and school supplies. Working in collaboration
with educators, School Specialty reaches beyond the scope of
textbooks to help teachers, guidance counselors and school
administrators ensure that every student reaches his or her full
potential. For more information about School Specialty, visit
www.schoolspecialty.com.
Cautionary Statement Concerning Forward-Looking
Information
Any statements made in this press release about future the
availability of future price quotations and future expectations,
plans, or prospects, constitute forward-looking statements.
Forward-looking statements also include those preceded or followed
by the words "anticipates," "believes," "could," "estimates,"
"expects," "intends," "may," "should," "plans," "targets" and/or
similar expressions. These forward-looking statements are
based on School Specialty's current estimates and assumptions and,
as such, involve uncertainty and risk. Forward-looking
statements are not guarantees of future performance, and actual
results may differ materially from those contemplated by the
forward-looking statements because of a number of factors,
including the factors described in Item 1A of School Specialty's
Annual Report on Form 10-K for the fiscal year ended April 28,
2012, which factors are incorporated herein by reference. Except to
the extent required under the federal securities laws, School
Specialty does not intend to update or revise the forward-looking
statements.
CONTACT: Investor Contact:
School Specialty, Inc.
Elizabeth Higashi, CFA
(920) 243-5392
IR@schoolspecialty.com
Media Contacts:
Kekst and Company
Kimberly Kriger/Nathan Riggs
(212) 521-4800