Budget Group Inc. has been informed by the New York Stock Exchange that it will suspend trading in Budget Group's common stock before the market opens on March 28.
As Budget Group previously announced, it currently does not meet the continued listing criteria of the exchange requiring a minimum closing share price of at least $1 per share over a 30-day period in addition to a total market capitalization of not less than $50 million and stockholders' equity of not less than $50 million.
The automobile and truck rental company said the weak economy and the aftermath of September 11 have adversely affected its ability to meet the share price and market capitalization criteria.
Budget Group anticipates that its stock will continue to trade on the over-the-counter bulletin board (OTC BB) on or before March 28. The company expects to receive a new stock ticker symbol before trading on the bulletin board, and that the move to the OTC BB will not affect its normal business operations.
Budget Group owns Budget Rent a Car Corp. and Ryder TRS Inc.