4Kids Entertainment Receives Notice Regarding NYSE Listing Standard
March 26 2010 - 4:30PM
Business Wire
4Kids Entertainment, Inc. (NYSE: KDE), the global
children’s entertainment and merchandise licensing company, today
announced that it has been notified by NYSE Regulation, Inc. that
it is not in compliance with one of the continued listing standards
of the New York Stock Exchange (NYSE).
4Kids is considered below criteria for the continued listing
standards because over a 30 trading-day period its total market
capitalization was less than $50 million and its most recently
reported stockholders’ equity was $35.1 million, below the minimum
threshold of $50 million. The NYSE has informed 4Kids that it is
prepared to proceed with its normal business plan procedures, and
4Kids intends to submit a plan to the NYSE within the required
45-day period demonstrating how it plans to comply with the NYSE’s
continued listing standards.
If, over a 30 trading-day period, 4Kids’ average market
capitalization falls below the $15 million minimum threshold, the
plan and cure process otherwise available under NYSE rules would be
pre-empted and suspension and delisting procedures would be
initiated. As of March 25, 2010, the Company’s 30 trading-day
average market capitalization was approximately $17.3 million, with
the absolute market capitalization on March 25, 2010 of
approximately $15.2 million. In addition, if, over a 30 trading-day
period, the average closing price of a share of 4Kids’ common stock
is less than $1.00, 4Kids must bring its share price back above
$1.00 within six months of receiving notification from NYSE.
About 4Kids Entertainment, Inc.
With U.S. headquarters in New York City, regional offices for
its trading card business in San Diego, California and
international offices in London, 4Kids Entertainment, Inc. (NYSE:
KDE) is a global organization devoted to the creation, development,
production, broadcasting, distribution, licensing and manufacturing
of children’s entertainment products.
Through its subsidiaries, 4Kids produces animated television
series and films, distributes 4Kids’ produced or licensed animated
television series for the domestic and international television and
home video markets, licenses merchandising rights worldwide to
4Kids’ owned or represented properties, operates Websites to
support 4Kids’ owned or represented properties, and produces and
markets collectible trading card games. Additionally, the Company
programs and sells the national advertising time in “TheCW4Kids”
five-hour Saturday morning block on The CW television network.
Additional information is available on the
www.4KidsEntertainment.com corporate Website and at the
www.4Kids.tv game station site.
The information contained in this press release, other than
historical information, consists of forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may involve risks and uncertainties that
could cause actual results to differ materially from those
described in such statements. Although the Company believes that
the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors beyond the Company’s
control, including general economic conditions, consumer spending
levels, competition from toy companies, motion picture studios and
other licensing companies, the uncertainty of public response to
the Company’s properties and other factors could cause actual
results to differ materially from the Company’s expectations.
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