Despite plans to implement a reverse stock split to boost the company’s share price, West Chester-based QVC Group is preparing to voluntarily delist from the NASDAQ Capital Market, writes Jeff Blumenthal for the Philadelphia Business Journal.
The home shopping giant transferred its stock from the NASDAQ Global Select Market to the NASDAQ Capital Market on Dec. 2 and started a 180-day period to regain listing compliance after its share price fell below the $1 minimum for several consecutive months.
With its Series A common stock (QVCGA) still not climbing above $1, the company announced earlier this month that shareholders had given the green light for a 1-for-50 reverse stock split. The transaction is expected to take place on May 22, after the NASDAQ market closes.
However, following the reverse stock split, QVC Group will not meet the NASDAQ listing requirement for the minimum number of publicly held shares for its Series B (QVCGB) shares.
While they hope its Series A will regain compliance, they do not see its Series B continuing. As a result, the company plans to voluntarily delist Series B shares from the market around May 27.
QVC Group, which recently reported a difficult first quarter marked by a ten percent decline in revenue, has already applied to have its Series B stock listed on the over-the-counter OTCQB Venture Market.
Read more about QVC Group deciding to delist a stock from the stock market index in the Philadelphia Business Journal.
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