CART headed for NYSE delisting next week

Championship Auto Racing Teams Inc has received formal notification from the New York Stock Exchange that it has fallen below the NYSE share listing criteria. Over a consecutive 30-trading-day period, its average market capitalisation has been less than US$15m and the average price of its security below $1.00

Oct 6, 2003, 5:09 PM

CART stock will be listed as 'BC' (indicating that it is trading below NYSE quantitative continued listing standards) from today and is expected to be delisted next week.

Technically, the Indianapolis based Champ Car World Series promoter has until October 14 to notify the NYSE of any plans to cure the deficiencies. However CART, which is currently under offer from purpose-formed company Open Wheel Racing Series in a deal worth 56c a share, has indicated that it does not expect to submit any such plan, and nor does it expect to be able to affirm an intent to cure the deficiencies.

It will therefore become subject to automatic suspension by the NYSE and delisting procedures by the Security Exchange Commission (SEC).

CART will then pursue having its common stock quoted on the OTC Bulletin Board (OTCBB).