US snack food firm China Marine Food Group has today (13 November) begun trading on the OTC Pink Marketplace following its delisting from the New York Stock Exchange.
Last month, the firm’s board of directors announced that a delisting was “in the best interests of the company”.
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The company cited a number of reasons for the decision, including: cost savings from the elimination of filing reports with the SEC; the better reallocation of management time to long-term financial results; and the release of the company from the reporting obligations of being a reporting company.
The firm, however, began trading today on the OTC Pink Marketplace, operated by the OTC Markets Group, under the ticker symbol CMFO.
“As of [13 November], investors and other interested parties will be able to view the stock quotes for CMFO at www.otcmarkets.com/stock/CMFO/quote. Although the company expects to be quoted on the OTC Pink Marketplace, the company can provide no assurance that any trading market for the company’s securities will exist on the OTC Pink Marketplace,” China Marine said.
The last day of trading of the company’s common stock on the NYSE was yesterday.
