MILWAUKEE--(BUSINESS WIRE)--Jason Industries, Inc. (NASDAQ:JASN) (“Jason” or the “Company”) today announced that its shares have been qualified to begin trading on the OTCQX® Best Market (“OTCQX”) on January 14, 2020. The move to OTCQX follows notifications from The Nasdaq Stock Market, LLC (“NASDAQ”) on January 3, 2020 and January 8, 2020 that it had determined to suspend trading in the Company’s common stock on January 14, 2020 and commence proceedings to delist the Company’s common stock from NASDAQ.
NASDAQ reached its decision to delist the Company’s common stock based upon the Company’s continued non-compliance with Nasdaq Listing Rules 5550(b)(2), which requires an issuer to maintain a market value of listed securities of at least $35 million, and Nasdaq Listing Rule 5550(a)(2), which requires an issuer to maintain a bid price of at least $1.00 per share. In accordance with the Nasdaq Listing Rules, the Company had been provided a 180-day grace period within which to regain compliance with these requirements, through December 30, 2019 and January 7, 2020, respectively. The Company does not intend to appeal the determination, as a result, trading of the Company’s common stock on NASDAQ will be suspended at the opening of business on January 14, 2020, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on NASDAQ.
Jason shares have been qualified and will begin trading on OTCQX under its current trading symbol “JASN”, effective January 14, 2020. Following the completion of the delisting from NASDAQ, Jason will remain a reporting company under the Securities Exchange Act of 1934 and continue to be subject to the public reporting requirements of the SEC. Jason does not expect that the contemplated delisting or subsequent transition to OTCQX will affect its business or operations.
"We look forward to working with the OTC Markets Group. This move is an important step which will allow our shares to trade among companies of similar size,” said Brian Kobylinski, Jason Industries, Inc. President, Chief Executive Officer and Chairman of the Board.
About Jason Industries, Inc.
The Company is the parent company to a global family of manufacturing leaders within the finishing and seating markets, including Osborn (Richmond, Ind. and Burgwald, Germany) and Milsco (Milwaukee, Wis.). Headquartered in Milwaukee, Wis., Jason employs more than 1,900 people in 13 countries. To learn more, please visit www.jasoninc.com.