Blue Bird Corporation (“Blue Bird” or the “Company”) (Nasdaq:BLBD)
(Nasdaq:BLBDW) today announced that the Listing Qualifications Staff of
The Nasdaq Stock Market LLC (“Nasdaq”) has determined that the Company’s
Common Stock satisfies all requirements for initial listing on the
Nasdaq Global Market. This determination resolves the pending Nasdaq
proceedings relating to the round lot holders of the Company’s Common
Stock. As previously announced, the number of round lot holders of the
Company’s Common Stock now exceeds the minimum 400 round lot shareholder
threshold applicable to issuers listed on the Nasdaq Global Market. The
listing of the Company’s Common Stock will be transferred from the
Nasdaq Capital Market tier to the Nasdaq Global Market tier effective
with the open of business on June 2, 2015, with no interruption in
trading.
Concurrently, Blue Bird announced that it has been notified that Nasdaq
plans to delist the Company’s warrants from the Nasdaq Capital Market,
also effective with the open of trading on June 2, 2015. Each of these
warrants represents the right to purchase one-half of one share of
Common Stock at a price of $5.75, subject to adjustment. At present,
there are 11,500,000 warrants outstanding providing for the purchase of
a total of 5,750,000 shares of Common Stock. Nasdaq’s determination is
the result of there being an insufficient number of round lot holders of
such warrants to meet the listing requirements for either the Capital or
Global market tiers. It is expected that the warrants will be quoted
over-the-counter (“OTC”) upon delisting from Nasdaq and, to that end,
the Company has filed an application for trading of the warrants on the
OTCQB, a marketplace for the trading of over-the-counter securities,
which is operated by OTC Markets. The Company expects the warrants to
begin trading OTC effective with the open of business on June 2, 2015.
About Blue Bird Corporation
Blue Bird is the leading independent designer and manufacturer of school
buses, with more than 550,000 buses sold since its formation in 1927 and
approximately 180,000 buses in operation today. Blue Bird’s longevity
and reputation in the school bus industry have made it an iconic
American brand. Blue Bird distinguishes itself from its principal
competitors by its singular focus on the design, engineering,
manufacture and sale of school buses and related parts. As the only
manufacturer of chassis and body production specifically designed for
school bus applications, Blue Bird is recognized as an industry leader
for school bus innovation, safety, product
quality/reliability/durability, operating costs and drivability. In
addition, Blue Bird is the market leader in alternative fuel
applications with its propane-powered and compressed natural gas-powered
school buses. Blue Bird manufactures school buses at two facilities in
Fort Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service and
after-market parts are distributed from Blue Bird’s parts distribution
center located in Delaware, Ohio.
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