HUNTSVILLE, Ala. (AFX) - Wolverine Tube Inc., a provider of copper tube and other products, said Tuesday the New York Stock Exchange will suspend trading of its stock after it fell short of minimum market capitalization requirements.
Wolverine President and Chief Executive Chip Manning said in a statement he expects his company's shares to continue to be traded on the over-the-counter Bulletin Board.
The company said the NYSE will stop trading of its shares on Jan. 3 and then begin delisting procedures. The NYSE told Wolverine it made the decision because the company failed to maintain an average market capitalization of at least $25 million over a 30-day trading period.
Wolverine said it does not plan to request a review of the NYSE's determination.
Wolverine shares rose a penny to close at $1.34 on the NYSE.
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