FXCM’s parent company Global Brokerage Inc. in trouble with Nasdaq delisting notice
For the prior 30 consecutive business days, the market value of the Company’s publicly held shares was less than $15 million which prompted a Nasdaq notice of delisting.
On May 2, 2017, the Nasdaq Stock Market (“Nasdaq”) notified Global Brokerage Inc. (the “Company”) that, for the prior 30 consecutive business days, the market value of the Company’s publicly held shares was less than $15 million, which does not meet the requirement for continued listing under The Nasdaq Global Select Market listing rules. Although this notification has no immediate effect on the Company’s listing on the Nasdaq Stock Market or on the trading of the Company’s common stock, the market value of the Company’s publicly held shares must exceed $15 million for ten consecutive business days between now and October 30, 2017, to avoid delisting.
If that market-value requirement is not satisfied, Nasdaq will provide written notice that the Company’s common stock is subject to delisting from The Nasdaq Global Select Market. In that event, the Company will either appeal such determination to a hearings panel or submit an application to transfer its securities to the Nasdaq Capital Market. There can be no assurance that the Company will remain listed on The Nasdaq Global Select Market after October 31, 2017.
Global Brokerage Inc. (NASDAQ: GLBR) is a holding company with an indirect effective 37.3% ownership of FXCM Group LLC (“FXCM Group”) through its equity interest in Global Brokerage Holdings LLC with an economic interest in FXCM Group of up to 33.5% depending on the amount of cash cumulatively distributed by FXCM Group pursuant to the distribution provisions of the Amended and Restated Limited Liability Company Agreement of FXCM Group, LLC.
FXCM announced in February 2017 the change of its name to Global Brokerage, Inc. and change of the trading ticker to “GLBR”.
More news about FXCM HERE
Source: SEC
