PLC Prepares For Delisting
Franklin-based medical device maker PLC Systems Inc. expects to be delisted from the NYSE Alternext US LLC stock exchange today.
The company received a letter last week warning that if it failed to appeal the exchange's decision to delist the company by today, PLC would in fact be delisted. The exchange warned PLC in September that its shareholder equity below $4 million and operational losses in three of its last four fiscal years did not meet the exchange's requirements for continued listing.
PLC said today that it does not expect to file an appeal of the exchange's decision and will instead begin listing under a new stock symbol on the over the counter bulletin board.
The company reported a $2.4 million net loss for its 2007 fiscal year and a second quarter net loss of $661,000.
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