SED International Holdings, Inc. (NYSE MKT: SED), a multinational supply
chain management provider and distributor of leading computer
technology, consumer electronics, and small appliance products, today
announced that it has received a deficiency letter from the NYSE MKT LLC
indicating that the NYSE MKT has determined that SED is not in
compliance with Sections 134 and 1101 of the NYSE MKT’s Company Guide
due to SED’s failure to file its quarterly report on Form 10-Q for the
quarter ended September 30, 2013 by the requisite deadline of the
Securities and Exchange Commission. In addition, the NYSE MKT asserted
that SED’s failure to timely file its quarterly report is a material
violation of its listing agreement with the NYSE MKT.
As previously announced, on November 14, 2013, the Board of Directors of
SED concluded that voluntarily delisting of SED’s common stock, par
value $0.01 per share, and the associated preferred stock purchase
rights from the NYSE MKT is in the best interests of SED and its
shareholders in light of SED’s existing financial condition. As SED is
in the process of delisting, it does not intend to submit a plan to the
NYSE MKT for regaining compliance with its listing standards.
SED expects that the delisting will take effect on or about December 9,
2013, following the effectiveness of SED’s Form 25. SED does not intend
to re-list its common stock on another securities exchange, but expects
that its common stock will be quoted on the OTC Markets.
Copyright Business Wire 2013