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To be suspended before today’s trading
The New York Stock Exchange has said that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) has determined to commence proceedings to delist the Common Stock (the “Common Stock”) of The Dolan Company (the “Company”) – ticker symbol DM — and its 8.5% Series B Cumulative Preferred Stock (the “Preferred Stock”) – ticker symbol DM PRB –from the NYSE.
Trading in the Company’s Common Stock and the Preferred Stock will be suspended prior to the opening on Wednesday, January 29, 2014. The Company expects to commence trading on the over-the-counter (OTC) market that same day under a symbol yet to be determined.
NYSE Regulation reached its decision to commence delisting proceedings with respect to the Common Stock and the Preferred Stock pursuant to Listed Company Manual (“LCM”) Section 802.01C (minimum share price) because the average closing price of the Common Stock reported on the Consolidated Tape had fallen below $1.00 per share and the Company had notified NYSE Regulation that it could not affirm an intent to cure this price deficiency.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of a listed security in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend trading in a security and commence delisting proceedings if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. The NYSE will apply to the Securities and Exchange Commission to delist the Common Stock and the Preferred Stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
