STATESWEST AIRLINES COMMON STOCK TRADES ON PHILADELPHIA STOCK EXCHANGE, PREFERRED STOCK TRADES OVER THE COUNTER.
(Repeating from yesterday, April 21)
STATESWEST AIRLINES COMMON STOCK TRADES ON PHILADELPHIA STOCK EXCHANGE,
PREFERRED STOCK TRADES OVER THE COUNTER PHOENIX, April 21 /PRNewswire/ -- StatesWest Airlines Inc. announced
today that its common stock and preferred stock will be deleted from trading on NASDAQ effective April 22, 1992, because the company does not currently meet the $1 million NASDAQ net capital and surplus requirement. However, NASDAQ has advised the company that its securities will be relisted if the company demonstrates compliance with NASDAQ's current maintenance criteria by Sept. 30, 1992.
The company's common stock continues to be listed for trading on the Philadelphia Stock Exchange and, accordingly, is not subject to the requirements of the Securities and Exchange Commission's Rule 15c2-6, which imposes special requirements on brokers effecting purchases of designated securities for customers' accounts. The company's preferred stock remains eligible for trading on the OTC Bulletin Board and transactions in the preferred stock will be exempt from Rule 15c2-6 as long as the purchase price is $5 or more. Rudy R. Miller, StatesWest's chairman and president, stated: "While we highly value our NASDAQ listing and believe that we can relist our securities on NASDAQ by Sept. 30, 1992, we are pleased that our Philadelphia Stock Exchange listing and the OTC Bulletin Board will allow the uninterrupted trading of our common stock and preferred stock, respectively. Founded in 1790, the Philadelphia Stock Exchange is the nation's oldest securities exchange and is a market leader in trading stocks and options." StatesWest, operating under a code-share agreement with both USAir and Northwest Airlines, has one of the most fuel-efficient fleets of prop-jet aircraft in the United States. The airline operates more than 4,000 monthly departures serving passengers in 14 cities in California, Arizona and Nevada. -0- 4/21/92 R /CONTACT: Rudy R. Miller or Mary A. Nance of StatesWest Airlines, 602-225-0504/ CO: StatesWest Airlines Inc. ST: Arizona IN: AIR SU:
KJ-JL -- LA043 -- 1203 04/22/92 11:14 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 22, 1992|
|Previous Article:||GE CAPITAL FLEET SERVICES ANNOUNCES ACQUISITION|
|Next Article:||NACCO INDUSTRIES ANNOUNCES FIRST QUARTER EARNINGS|