Lyndhurst, N.J. — Harvey Electronics will be de-listed from the Nasdaq stock exchange and trading in the retailer’s shares will be suspended effective with the opening of business tomorrow.
The New York metro A/V specialty chain, which had been flirting with de-listing for the past two years, was determined by Nasdaq to be in violation of two marketplace regulations. The rules require member companies to hold timely annual meetings of stockholders and to have either a minimum of $2.5 million in stockholder equity, a market value of $35 million of listed securities, or $500,000 of net income from continuing operations in the most recently completed fiscal year or in two of the last three fiscal years.
Harvey, which is held by a private investment group led by Trinity Investment Partners, said it may request a review of Nasdaq’s decision.
