4Kids Entertainment, Inc. Announces That the New York Stock Exchange Has Commenced Delisting Procedures with Regard to the 4K...
May 13 2010 - 11:59AM
Business Wire
4Kids Entertainment, Inc. (NYSE: KDE), a global provider
of children’s entertainment and merchandise licensing, today
announced that the New York Stock Exchange had issued the following
press release last night regarding the commencement of suspension
procedures with respect to the 4Kids’ stock due to the Company’s
failure to maintain average global market capitalization over a
consecutive 30 trading day period of not less than $15 million.
“NYSE Moves to Remove 4Kids
Entertainment, Inc. from the List
NEW YORK, May 12, 2010 -
NYSE Regulation, Inc. ("NYSE Regulation") announced today that it
determined that the common stock of 4Kids Entertainment, Inc. (the
"Company") -- ticker symbol KDE -- should be removed from the list.
The Company has a right to a review of this determination by a
Committee of the Board of Directors of NYSE Regulation (the
"Committee"). Should the Company request a review by the Committee,
the date of such review will be announced. A suspension date will
be announced at such time as i) the Company does not request a
review by the Committee within 10 business days of this notice; ii)
the subsequent review of the Committee determines that the Company
should be suspended; iii) the Company is approved to commence
trading in another securities marketplace or; iv) there are other
material developments.
The decision to commence suspension procedures of the
Company's common stock was reached in view of the fact that the
Company has recently fallen below the New York Stock Exchange's
("NYSE") continued listing standard regarding average global market
capitalization over a consecutive 30 trading day period of not less
than $15 million, which is the minimum threshold for listing. The
Company had previously fallen below the NYSE's continued listing
standards for average global market capitalization over a
consecutive 30 trading day period of not less than $50 million and
total stockholders' equity of not less than $50 million and was in
the process of submitting business plan materials for our review.
Application to the Securities and Exchange Commission to
delist the issue is pending the outcome of the appeal process.
The NYSE noted that it may, at any time, suspend a security
if it believes that continued dealings in the security on the NYSE
are not advisable.”
The Company will be deciding within the next 10 business days
whether to request a review of the determination by the New York
Stock Exchange. If the Company does not request a review or if the
4Kids stock is suspended from trading on the New York Stock
Exchange, it is expected that the Company will make arrangements
for the 4Kids Entertainment, Inc. stock to trade on the
over-the-counter market.
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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