NYSE SEEKING TO DELIST MOSSIMO
NEW YORK — The New York Stock Exchange said it plans to delist the stock of Mossimo Inc.
Trading in Mossimo will resume May 23 but will be suspended before the opening of trading May 26.
After suspension, the NYSE will apply to the Securities and Exchange Commission to delist the Irvine, Calif.-based sportswear design firm.
The exchange attributed its decision to Mossimo’s falling below its continued listing criteria of $50 million in total stockholders’ equity and $50 million in global market capitalization.
On May 17, trading was halted after three companies filed an involuntary Chapter 11 petition against Mossimo. Shares closed at its 52-week low of 7/8 on last Thursday, putting the firm’s market capitalization at $13 million.
Mossimo in March reached an agreement to license its name to Target Corp. The stock had traded as high as 11 3/4 in the past year.
The New York Stock Exchange on Monday said it plans to delist the stock of Mossimo Inc. on Friday.