New York City-NYSE Regulation Inc. announced Dec. 15 that the common stock of Spectrum Brands Inc. should be suspended from trading on the New York Stock Exchange prior to market opening Dec. 22, 2008. NYSE Regulation noted that the decision to suspend the stock was reached in view of the fact that the company has recently fallen below the NYSE’s continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of not less than $25 million, the minimum threshold for listing on the NYSE. Spectrum is currently quoted on the Pink Sheet Electronic Quotation Service, and the company may also pursue quotation on other stock quotation systems. However, there can be no assurances that a broker-dealer will make a market in its common stock. This transition to the over-the-counter markets does not change the company’s SEC reporting requirements. Spectrum had been warned about the danger of delisting both from a capital standpoint and the fact that its shares had dropped below $1.00 (GM Nov. 24, p. 1). Spectrum had earlier announced it was closing its Sylacauga, Ala., fertilizer plant and was winding down its fertilizer and growing media business by Jan. 31, 2009. In other news, Energizer Holdings Inc. said Dec. 15 that it has dismissed a patent infringement suit against Spectrum after reaching a settlement with the company. On Oct. 31, a judge had issued a preliminary injunction requiring Spectrum to withdraw its Rayovac lithium battery products from the market and to refrain from further sales. The amount of the settlement was not announced.
Transparency Across the Fertilizer Value-Chain