Vesta Insurance says NYSE to suspends its shares
December 28, 2005
SAN FRANCISCO, Dec 28 (Reuters) - Vesta Insurance Group said on Wednesday it was told by the New York Stock Exchange that its common stock would be suspended from trade because its market value fell below $75 million.
The insurer based in Birmingham, Alabama, said the exchange told Vesta that it no longer met minimum criteria for listing. The company had shareholder equity of less than $75 million and was considered a "late filer" because it hasn't yet filed its 2004 annual report and four quarterly reports.
Vesta said it expects to be quoted on the so-called Pink Sheets under a new symbol. The suspension from the New York Stock Exchange will occur no later than Jan. 5, Vesta said.