Decorize shifting stock from Amex
Staff -- Home Accents Today, 5/1/2007
Home accents provider Decorize said the American Stock Exchange suspended trading of its stock at the end of April, and the vendor is seeking to have its common stock traded instead on the Over the Counter Bulletin Board.
Decorize President and CEO Steve Crowder said the company was in the process of applying for OTCBB listing when it received the most recent Amex notice, saying the company had not maintained the minimum shareholders' equity.
"We're moving off the Amex to the Bulletin Board; it just makes more sense for us," Crowder said. "Each of the boards has certain requirements, whether you're on the NASDAQ or the New York Stock Exchange or the Amex. In our case we needed $4 million of equity to be compliant with Amex covenants. We've turned the business around and we've been growing rapidly and at this point I don't have any need to go out and raise $4 million just to stay on the Amex."
Instead, the company is investing in its overseas manufacturing production. "Two years ago, we had 25 people in Indonesia and today we have 400," he said.
Within the past year, growth was spurred through partnerships Decorize formed, including ones with Klaussner and Broyhill furniture companies to provide lines of home accessories, as well as ongoing relationships with Stein Mart and Office Max.
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