School Specialty: Nasdaq to suspend stock trading, apply for delisting

By Caroline Salls

Pittsburgh, Jan. 30 - School Specialty, Inc. has received written notification from the staff of the Nasdaq Stock Market that its common stock will be suspended from trading and that the Nasdaq staff will apply to the Securities and Exchange Commission to begin delisting procedures for these securities, according to a company news release.

School Specialty said the suspension will begin before the opening of the market on Feb. 6.

Nasdaq told the company that these steps are being taken because of its Chapter 11 filing, the residual interest of the existing listed securityholders and because the average closing price of the common stock will likely fall below Nasdaq's continued listing minimum share price standard of $1 over a consecutive 30-trading-day period.

Because of the Chapter 11 filing and related sale process, School Specialty said it does not oppose the suspension and delisting of its securities.

According to the release, price quotations for the company's common stock may become available under new symbols on the OTC Bulletin Board and Pink Sheets Electronic Quotation Service in the future.

School Specialty, a Greenville, Wis.-based education company, filed for bankruptcy on Jan. 28 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 13-10125.

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