NYSE Will Delist Wahlco, Seek to Make It Permanent
Wahlco Environmental Systems Inc. said Tuesday that trading in its stock will be suspended by the New York Stock Exchange on or before July 15 because its net tangible assets, average net income and aggregate market value all have fallen below the Big Board’s minimum standards.
The Santa Ana-based manufacturer of air pollution control and power supply systems said it is seeking to transfer its stock to another exchange.
The New York exchange intends to seek permission from the Security and Exchange Commission to permanently delist Wahlco, the company said.
Wahlco did not say which exchange it will seek to move to and company officials could not be reached for comment. It is likely, though, that with its poor financial record the company would have difficulty finding a new home for its stock on anything other than the thinly followed “pink sheets” in the over-the-counter market.
Wahlco has lost $117.4 million since 1992 and its stock, which on Tuesday closed unchanged at $1.38, has fallen from a high of $18.75 in August.