LAWRENCEVILLE, Ga.--(BUSINESS WIRE)--SED International Holdings, Inc. (NYSE MKT: SED), a multinational supply chain management provider and distributor of leading computer technology, consumer electronics, and small appliance products, today announced that it has received a deficiency letter from the NYSE MKT LLC indicating that the NYSE MKT has determined that SED is not in compliance with Sections 134 and 1101 of the NYSE MKT’s Company Guide due to SED’s failure to file its quarterly report on Form 10-Q for the quarter ended September 30, 2013 by the requisite deadline of the Securities and Exchange Commission. In addition, the NYSE MKT asserted that SED’s failure to timely file its quarterly report is a material violation of its listing agreement with the NYSE MKT.
As previously announced, on November 14, 2013, the Board of Directors of SED concluded that voluntarily delisting of SED’s common stock, par value $0.01 per share, and the associated preferred stock purchase rights from the NYSE MKT is in the best interests of SED and its shareholders in light of SED’s existing financial condition. As SED is in the process of delisting, it does not intend to submit a plan to the NYSE MKT for regaining compliance with its listing standards.
SED expects that the delisting will take effect on or about December 9, 2013, following the effectiveness of SED’s Form 25. SED does not intend to re-list its common stock on another securities exchange, but expects that its common stock will be quoted on the OTC Markets.
