CHICAGO – The New York Stock Exchange (NYSE) notified Bally Total Fitness that its common stock will be suspended prior to the market open on May 2 and that the NYSE will formally delist Bally’s stock, the club company announced.
The NYSE indicated that its delisting of Bally’s stock was a result of Bally’s failure to satisfy the NYSE’s continued listing standards, including minimum market capitalization and minimum average share price requirements. Also, the NYSE considered Bally’s failure to timely file its 2006 Annual Report on Form 10-K and its stated liquidity position.
Bally does not plan to appeal the NYSE’s decision, saying that it expects its common stock to be quoted on the Pink Sheets electronic quotation service after the suspension.
Bally’s stock closed at 97 cents this afternoon. The stock reached a high of $1.25 on Wednesday, the day Bally announced that it was selling 16 of its Canadian facilities to Extreme Fitness Inc. and GoodLife Fitness Centres Inc.