BACK YARD BURGERS ELECTS TO DELIST SHARES FROM CHICAGO STOCK EXCHANGE; RETAIN NASDAQ TRADING.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Aug. 15, 1997--Back Yard Burgers, Inc. (Nasdaq SmallCap:BYBI BYBI Backyard Burgers, Inc. ) announced today that it has filed with the Securities and Exchange Commission an application for withdrawal from listing of securities pursuant to Section 12 (d) of the Securities Exchange Act of 1934. The application proposes to withdraw the Company's common stock from its listing on the Chicago Stock Exchange Chicago Stock Exchange (CHX) A major exchange trading only stocks, with 90% of trades taking place on an automated execution system, called MAX. , such that in the future the common stock will be traded solely on The Nasdaq SmallCap Market tier of The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . The Chicago Stock Exchange has notified the Company that it will not pose any objection to the delisting application and will cease the common stock from trading on the Exchange immediately. The Company's stockholders overwhelmingly approved the delisting at the Company's annual meeting on May 22, 1997. Commenting on the action, Lattimore M. Michael, Chairman and Chief Executive Officer, stated, "Our listing on the Chicago Stock Exchange was certainly beneficial to our initial public offering in 1993 and for a short period of time thereafter. However, in light of the extremely low trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. on the CSE (Certified Systems Engineer) See Microsoft certification. , we believe it to be in the best interest of our Company to avoid the associated costs by taking the delisting action. We expect The Nasdaq Stock Market to continue to serve our stockholders well in the future." Back Yard Burgers operates and franchises quick-service restaurants in Memphis, Little Rock, Nashville and other markets across 15 states. The Company features gourmet hamburgers and chicken sandwiches, high quality condiments and name-brand beverages as well as hand-dipped milkshakes, fresh-made lemonade and fresh-baked cobblers. CONTACT: Back Yard Burgers, Inc., Memphis Stephen J. King, 901/367-0888 |
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