JERRY'S PROPOSES REVERSE STOCK SPLIT.Byline: Chris Sieroty Staff Writer In an attempt to boost its stock price to avoid being delisted from the Nasdaq National Market, Jerry's Famous Deli Wikipedia is not the place for advertisement or self-advertising. Jerry's Famous Deli is a Los Angeles-based delicatessen famous for its huge menu, which boasts over 700 deli and traditional food items. Inc. said Friday its board of directors has approved a 1-for-3 reverse stock split. The Studio City-based chain of delicatessens also said it would ask to have its stock moved to the Nasdaq SmallCap Market instead of the OTC market Noun 1. OTC market - a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange over-the-counter market while it awaits a decision on the national market listing. As previously reported by the Daily News, Nasdaq officials notified the company last month that its stock would be delisted Dec. 27 if it couldn't come into compliance with listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . In addition, Jerry's stock does not currently maintain the minimum bid price of $1 sufficient to allow it to move to the Nasdaq SmallCap Market. Therefore, unless the company files an appeal, its stock will be delisted from the Nasdaq and placed on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. , an exchange with less stringent listing requirements and, thus, fewer traders Traders Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is to earn the bid/ask spread. . The company intends to file an appeal with Nasdaq, in order to try to maintain its listing on the Nasdaq National Market while it executes the plan to move to the Nasdaq SmallCap Market, said Issac Starkman, Jerry's chief executive officer. ``I fully anticipate that Nasdaq will go along with our plan,`` said Starkman. ``We hope and we think the stock split will have the right impact and the stock should be over a dollar and in no threat of being delisted.`` Starkman said he expects shareholders to approve the reverse stock split when they vote on the plan in a couple of weeks. The plan calls for stockholders to receive one share for every three shares they own, which will decrease the number of outstanding shares from 14.6 million to around 4 million, he said. Founded in 1978, Jerry's Deli operates seven restaurants under the Jerry's Famous Deli name and one restaurant as Solley's Deli in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Jerry's also owns Rascal House and Epicure Market in South Florida. Shares of Jerry's Deli closed down 3 cents Friday at 75 cents. CAPTION(S): Photo Photo: (color) Issac Starkman Jerry's Famous Deli CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. |
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