Thomas Group Announces Intent to Voluntarily Delist from NASDAQ
27 Mai 2011 - 12:45PM
Business Wire
Thomas Group, Inc. (NasdaqCM: TGIS) (the “Company”), a
global change management and operations improvement consulting
firm, today announced that it has given formal written notice to
The NASDAQ Stock Market LLC (“NASDAQ”) of its intention to
voluntarily delist its common stock from the NASDAQ Capital
Market.
The decision to delist is based primarily on the Company’s
desire to conserve resources, the likelihood that the Company will
continue to fail to meet the requirements for continued NASDAQ
listing in the near future and the recognition that the benefits of
maintaining the Company’s NASDAQ listing have declined. The Company
believes the benefits of its NASDAQ listing do not justify the
expense and administrative burdens of maintaining the listing given
the limited trading volume and low price of its common stock.
The Company intends to file a Form 25 with the SEC on or about
June 6, 2011 to effect the voluntary delisting, and expects that
trading in its common stock will be suspended on the date the Form
25 is filed, with the official delisting of its common stock
becoming effective ten days thereafter, on or about June 16,
2011.
On April 18, 2011, the Company received a NASDAQ Staff
Determination Letter stating that it no longer meets the minimum
Market Value of Publicly Held Shares (“MVPHS”) requirement set
forth in NASDAQ Listing Rule 5550(a)(5) (the “MVPHS Rule”). The
Rule requires that the Company maintain a MVPHS of at least $1
million. The Company has until October 17, 2011 to regain
compliance with the Rule by maintaining a minimum MVPHS of $1
million for at least ten consecutive business days. If the Company
does not regain compliance with the Rule by such date, it will
receive written notification that its securities are subject to
delisting from The NASDAQ Capital Market. Following such
notification, the Company may have the right to appeal the
delisting determination to a Hearings Panel.
At this time, the Company has not regained compliance with the
MVPHS Rule. The Company believes it is unlikely that it will regain
compliance with the MVPHS Rule before the end of the grace period.
In addition, the Company is currently not in compliance with the
minimum $1.00 closing bid price requirement set forth in NASDAQ
Listing Rule 5550(a)(2) (the “Bid Price Rule”), although it will
not receive notice from NASDAQ of its failure to comply with the
Bid Price Rule until it has been in non-compliance for a period of
30 consecutive business days.
Following the delisting, the Company anticipates that its common
stock will be quoted on the Pink Sheets, a centralized electronic
quotation service for over-the-counter securities, so long as
market makers demonstrate an interest in trading in the Company’s
common stock. However, there is no assurance that trading in the
Company’s common stock will continue on the Pink Sheets or on any
other securities exchange or quotation medium.
The Board of Directors of the Company may consider whether to
take further action following the delisting, including, but not
limited to, whether to deregister the Company’s common stock and
suspend its reporting obligations under the Securities Exchange Act
of 1934.
About Thomas Group
Thomas Group, Inc. (NasdaqCM: TGIS) is an international,
publicly-traded professional services firm specializing in
organization change management and operations improvement. Thomas
Group's unique brand of process improvement and performance
management services enable businesses to enhance operations,
improve productivity and quality, reduce costs, generate cash and
drive higher profitability. Known for Breakthrough Process
Performance, Thomas Group creates and implements customized
improvement strategies for sustained performance improvements in
all facets of the business enterprise. Thomas Group has offices in
Dallas and Washington, D.C. For more information, please visit
www.thomasgroup.com.
Important Notices:
Safe Harbor Statement under the Private Securities Litigation
Reform Act:
Any statements in this release that are not strictly historical
statements, including statements about the Company’s beliefs and
expectations, are “forward-looking statements” within the meaning
of the United States Private Securities Litigation Reform Act of
1995. These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by these statements, including
general economic and business conditions that may impact clients
and the Company’s revenues, timing and awarding of customer
contracts, revenue recognition, competition and cost factors, lack
of profitability and potential delisting as well as other factors
detailed from time to time in the Company’s filings with the
Securities and Exchange Commission, including the Company’s Annual
Report on Form 10-K for the year ended December 31, 2010. These
forward-looking statements may be identified by words such as
“anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,”
“estimates,” “targets,” “projects,” “could,” “should,” “may,”
“would,” “continue,” “forecast,” and other similar expressions.
These forward-looking statements speak only as of the date of this
release. Except as required by law, the Company expressly disclaims
any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statement contained herein to
reflect any change in the Company’s expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
Thomas Grp., Inc. (MM) (NASDAQ:TGIS)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Thomas Grp., Inc. (MM) (NASDAQ:TGIS)
Historical Stock Chart
Von Jun 2023 bis Jun 2024