Trailer Bridge threatened with delisting

May 23, 2002
Trailer Bridge Inc. said it has received a Nasdaq "staff determination," which indicates that the company fails to comply with the requirements for continued listing and that its securities are subject to delisting. According to Nasdaq, Trailer Bridge did not have the $4 million net tangible assets requirement under maintenance standard one and the $15 million market value of publicly held shares
Trailer Bridge Inc. said it has received a Nasdaq "staff determination," which indicates that the company fails to comply with the requirements for continued listing and that its securities are subject to delisting.

According to Nasdaq, Trailer Bridge did not have the $4 million net tangible assets requirement under maintenance standard one and the $15 million market value of publicly held shares and the $3 bid price requirements under maintenance standard two through May 15.

Trailer Bridge has requested a hearing before a Nasdaq listing qualifications panel. The hearing date will be determined by Nasdaq, but the company said it anticipates a hearing in about 45 days.

The company's common stock will continue to be traded on Nasdaq pending the outcome of the hearing. If Trailer Bridge's appeal is denied, its common stock will be delisted.

Jacksonville, FL-based Trailer Bridge has been in fiscal trouble for some time. It lost $519,025 in the first quarter on revenues of $17.4 million, which is substantially better than the $4.5 million it lost in the same period of 2001. The company said that its revenues in the first quarter of 2002 were lower, too, by 15.3% when compared to the same period last year.

In the third quarter of 2001, revenues fell to $20 million and losses rose to $4.8 million. At the end of last year, Trailer Bridge said it had negative working capital of $16.1 million.

About the Author

Tim Parry

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Leveraging telematics to get the most from insurance

Fleet owners are quickly adopting telematics as part of their risk mitigation strategy. Here’s why.

Reliable EV Charging Solution for Last-Mile Delivery Fleets

Selecting the right EV charging infrastructure and the right partner to best solve your needs are critical. Learn which solution PepsiCo is choosing to power their fleet and help...

Overcoming Common Roadblocks Associated with Fleet Electrification at Scale

Fleets in the United States, are increasingly transitioning from internal combustion engine vehicles to electric vehicles. While this shift presents challenges, there are strategies...

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...