4Kids Entertainment, Inc. Common Stock to Move from New York Stock Exchange to OTC Bulletin Board Market
28 Maggio 2010 - 10:30PM
Business Wire
4Kids Entertainment, Inc. (NYSE: KDE), a global provider
of children’s entertainment and merchandise licensing, today
announced that New York Stock Exchange (“NYSE”) trading in its
common stock will be suspended prior to the opening of trading on
Tuesday, June 1, 2010. Beginning with the opening of trading at
9:30 AM on June 1, 2010, the 4Kids Entertainment common stock will
trade under the new Stock symbol “KIDE” on the OTC Bulletin Board
(“OTCBB”) market. The Company reported that it elected not to
challenge the May 12, 2010 determination by the Committee of the
Board of Directors of NYSE Regulation (the "Committee") that the
common stock of 4Kids Entertainment, Inc. should be suspended from
trading on the NYSE on account of the Company’s failure to comply
with the NYSE listing standard requiring listed companies to
maintain average global market capitalization of $15 million over a
consecutive 30 day trading period.
Over-the-counter trading in the 4Kids Entertainment common stock
will be carried out by market makers in the company's stock,
including UBS, E-Trade and Citigroup, using inter-dealer quotation
services. The Company has made arrangements with Standard &
Poor's for this rating service and research organization to provide
information to broker-dealers regarding 4Kids Entertainment,
Inc.
"In view of the restructuring and downsizing of 4Kids, the
Company no longer satisfies certain listing criteria for New York
Stock Exchange traded companies,” said Alfred R. Kahn, Chairman and
Chief Executive Officer of 4Kids Entertainment, Inc. “We,
therefore, have made arrangements for the Company's common stock to
trade on the OTCBB market beginning at the opening of trading on
June 1, 2010. We expect the transition to the over-the-counter
market from the New York Stock Exchange to be seamless for our
stockholders and for the investment community," concluded Kahn.
About 4Kids Entertainment, Inc.
With U.S. headquarters in New York City, regional offices for
its trading card business in San Diego, California and
international offices in London, 4Kids Entertainment, Inc. (NYSE:
KDE) is a global organization devoted to the creation, development,
production, broadcasting, distribution, licensing and manufacturing
of children’s entertainment products.
Through its subsidiaries, 4Kids produces animated television
series and films, distributes 4Kids’ produced or licensed animated
television series for the domestic and international television and
home video markets, licenses merchandising rights worldwide to
4Kids’ owned or represented properties, operates Websites to
support 4Kids’ owned or represented properties, and produces and
markets collectible trading card games. Additionally, the Company
programs and sells the national advertising time in “TheCW4Kids”
five-hour Saturday morning block on The CW television network.
Additional information is available on the
www.4KidsEntertainment.com corporate Website and at the
www.4Kids.tv game station site.
The information contained in this press release, other than
historical information, consists of forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may involve risks and uncertainties that
could cause actual results to differ materially from those
described in such statements. Although the Company believes that
the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors beyond the Company’s
control, including general economic conditions, consumer spending
levels, competition from toy companies, motion picture studios and
other licensing companies, the uncertainty of public response to
the Company’s properties and other factors could cause actual
results to differ materially from the Company’s expectations.
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