NEW YORK — Delta Woodside Industries, the last U.S. apparel fabric mill to retain its spot on the New York Stock Exchange, will be delisted before the start of trading Friday, according to exchange authorities.
The NYSE said in a statement that the Greenville, S.C.-based company was not in compliance with market-capitalization requirements. Delta’s shares closed at $2.55 on Tuesday, up 12 cents, putting the company’s market capitalization at $14.2 million. The exchange currently requires a minimum market capitalization of $15 million and is considering raising the threshold to $25 million. Delta said in a statement that “it was evident” the company would not be able to meet that criteria.
Delta executives did not respond to calls for comment. Its shares are expected to move to the Over-the-Counter Bulletin Board.
Fiber companies Unifi, DuPont and Wellman retain their NYSE listings. Some former public mills, including Burlington Industries, Cone Mills and Galey & Lord are now in private hands, while Dan River trades on the pink sheets. Fab Industries is listed on the American Stock Exchange.
Delta Woodside also reported that in its third quarter ended March 27 it took a net loss of $2.3 million, or 40 cents a diluted share, compared with a loss of $1.1 million, or 19 cents a share, a year earlier. Sales were down 18.4 percent to $37.9 million.
— Scott Malone