HIGH POINT, N.C. - Stanley Furniture Co. said it could be de-listed from the NASDAQ Stock Market because its shares have dropped below $1.00 for 30 consecutive days.
Stanley Furniture (NASDAQ: STLY) filed an 8-K form with the U.S. Securities and Exchange Commission of the notice. The residential furniture supplier has until Aug. 9 to regain compliance. To achieve compliance, the common stock must be at least $1.00 per share for a minimum of 10 consecutive business days.
"The company intends to monitor the bid price for its common stock between now and August 9, 2017, and will consider available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement," the filing said. In the event compliance isn't achieved by the deadline, the company may be eligible for an additional 180-day grace period, although there are no guarantees.
Established in 1924, Stanley Furniture posted net sales of $57.4 million in 2015; 2016 figures will be available Feb. 22. The company's furniture is manufactured in Southeast Asia, and marketed under the Stanley Furniture brand, with sub-brands including Coastal Living® and Stone & Leigh.
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