Frontier Insurance Group Inc. has voluntarily withdrawn from the scheduled appeal of its delisting from the New York Stock Exchange. The company’s stock has been trading under $1 a share since June of 2000 and is currently valued around 15 cents a share.
The company will instead move its trading to the over-the-counter bulletin board on Feb 2. The NYSE will continue to trade Frontier’s stock until then.
Harry W. Rhulen, President and Chief Executive Officer of Frontier, stated “Management continues to focus on executing our business plan and improving the financial strength of the holding company. We believe that the efforts and resources required to sustain our listing on the NYSE would be better spent focusing on the turn-around of the Company. We expect that the OTC Bulletin Board will provide a viable trading platform for our investors.”
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