PremiumWear, Inc. Announces Discussions with Nasdaq
MINNETONKA, Minn., Nov. 12 /PRNewswire/ -- PremiumWear, Inc. (NYSE: PWA) today announced that the Company is in discussions with Nasdaq regarding the transfer of trading of its common stock.
PremiumWear's Chairman Thomas D. Gleason commented, "Although our Company's history with the New York Stock Exchange spans 75 years, we are a much different company today than in the past. We believe Nasdaq best suits a small-cap growth company like PremiumWear. Although we must still apply and be accepted for listing, we believe that currently PremiumWear meets all of Nasdaq's published criteria to list our common stock on their National Market System. We are working toward a smooth transition from the New York Stock Exchange to Nasdaq, ensuring that the trading of the Company's stock continues uninterrupted."
As previously announced, PremiumWear is below the New York Stock Exchange's new listing criteria for total market capitalization and stockholders' equity of at least $50 million each. PremiumWear submitted a business plan presentation to the NYSE on complying with these new, higher standards in 12 months. According to the NYSE, the plan did not specifically demonstrate attainment of their new standards within the prescribed time period. As a result, the Company has been notified by the NYSE that its common stock will be suspended from NYSE trading prior to the opening on December 15, 1999. The NYSE will then make the appropriate filings with the SEC. PremiumWear expects to be approved to trade on Nasdaq before that time.
PremiumWear, Inc., based in Minnetonka, Minn., designs, sources and markets knit and woven shirts and other apparel to the promotional products/advertising specialty industry and to golf pro and resort shops utilizing its Page & Tuttle(R) brand and other licensed brands. |
