NYSE to drop Building Materials Holding Corp.
Building Materials Holding Corp. (BMHC), the San Francisco-based pro dealer, was set at press time to be dropped from the New York Stock Exchange (NYSE) listing on Oct. 29 for failing to meet minimum market capitalization standards. The NYSE, which announced its decision on Oct. 23, also noted that the company’s average share price had fallen below the NYSE’s standard of not less than $1.00 for 30 consecutive days.
BMHC said it will move the trading of its common stock to the OTC Bulletin Board, or OTCBB, an electronic, regulated quotation service that displays real-time quotes, last-sale prices, and volume information for over-the-counter equity securities not listed on national securities exchanges. Companies listed on the OTCBB are still subject to SEC filing requirements and o the regulatory authority.
“We remain dedicated to achieving continued improvement in our financial results through the significant operational restructuring we have undertaken,” said Robert Mellor, BMHC’s chairman and CEO. “We expect a number of market participants to make a market in our stock in the OTC system, and that our investors will be able to continue trading BMHC shares.”
BMHC moves to OTC trading
Building Materials Holding Corp. (BMHC) has moved its stock listing to the Over the Counter Bulletin Board (OTCBB) following the company’s removal from the New York Stock Exchange. The San Francisco-based pro dealer will trade its common stock on the OTCBB under the symbol “BLGM.”
On Oct. 30, its first day of trading on the OTCBB, the stock closed at 28 cents a share.
The OTCBB is an electronic, regulated quotation service that displays real-time quotes, last-sale prices and volume information for over-the-counter equity securities not listed on national securities exchanges. Companies listed on the OTCBB are still subject to SEC filing requirements and other regulatory authority.
The New York Stock Exchange suspended trading of BMHC’s common shares on Oct. 29, because the company is no longer compliant with its market capitalization requirements.
BMHC is scheduled to report its third-quarter financial results on Nov. 6.
Orgill to distribute new stain remover product
Winning Brands, a Barrie, Ontario-based company, reports that Orgill, the Memphis, Tenn.-based distributor, has approved Winning Colours Stain Remover for representation by Orgill’s 250-member sales force.
“The decision by Orgill to let its sales force introduce Winning Colours to Orgill’s vast account base brings several thousand potential retail points of sale within reach, adding to a national structure of 250 professional sales representatives,” said Winning Brands CEO Eric Lehner. “That’s unprecedented reach for Winning Colours Stain Remover. I expect that it will have a significant impact.”
Winning Brands manufactures Winning Colours Stain Remover for consumer and commercial use as an environmental supplement to traditional solvents and cleaners. Large-scale production takes place in Canada as well as at an affiliated manufacturing facility in Grand Rapids, Mich.