Birmingham, Ala.-based Vesta Insurance Group Inc.’s common stock — ticker symbol VTA — will be suspended from trading on the New York Stock Exchange beginning with the opening of business on Jan. 5, 2006, the company said.
Vesta reported that that it has been advised by the NYSE that the stock may be de-listed on an earlier date if the NYSE determines that is necessary. The company expects its common stock to be quoted on the Pink Sheets under a new symbol to be assigned by Nasdaq.
As previously disclosed on Nov. 9, 2005, Vesta received notice from the NYSE that it was considered “below criteria” because its average total market capitalization was less than $75 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $75 million.
In addition, Vesta is considered a “late filer” because it has yet to file its Dec. 31, 2004 Form 10-K and its Sept. 30, 2004, March 31, 2005, June 30, 2005 and Sept. 30, 2005 Form 10-Qs with the Securities and Exchange Commission.
We are disappointed that we will not able to complete the filing of our Form 10-K within the NYSE’s initial 9-month cure period,” said Norman W. Gayle, III, president and CEO. “We remain committed to doing everything we can to complete all necessary work related to the audit of our 2004 financial statements and filing the appropriate periodic reports with the SEC as soon as possible. Additionally, BDO Seidman, our new independent registered accounting firm, is working as expeditiously as possible in order to file our 2005 Form 10-Qs shortly after completing the filing of the 2004 Form 10-K.”
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