FORT WORTH, Texas, June 25 /PRNewswire-FirstCall/ -- The Bombay Company, Inc. announced today that it has been notified by the New York Stock Exchange ("NYSE") that the NYSE intends to suspend Bombay's common stock prior to the opening on June 28, 2007, and that the NYSE will thereafter initiate delisting procedures. The action is being taken in view of the fact that the Company did not meet the New York Stock Exchange continued listing standard regarding the average closing price of its common stock of not less than $1.00 over a consecutive 30 trading day period, as well as the requirement for average global market capitalization over a consecutive 30 trading day period of not less than $75 million and stockholders' equity of not less than $75 million. On May 24, 2007 the Company disclosed it had received notices from the NYSE that it was not in compliance with the NYSE continued listing requirements.
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The Company expects to continue to be actively traded and has taken steps to arrange for its common stock to be quoted on the OTC Bulletin Board. Although electronic trading on the NYSE of the Company's common stock ceased in April 2007, trading has been active since that time on secondary markets. The Company will continue to make all required SEC filings and disclosures and will continue to communicate with its shareholders as a public company.
The NYSE's application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision. The Company does not intend to request a review of the NYSE's determination.
The Bombay Company, Inc. designs, sources and markets a unique line of home accessories, wall decor and furniture through 405 retail outlets and over the Internet in the U.S. and internationally.
Any statements in this press release that may be considered forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Those risks are described in the Company's public announcements, reports to stockholders and SEC filings, including but not limited to Reports on Forms 10-K, 8-K and 10-Q, copies of which are available from the SEC or may be obtained upon request from the Company. The Company undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof as a result of new information, future events or otherwise.
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