The American Stock Exchange has suspended trading for Allied Holdings stock.
Allied Holdings Inc., the 22nd largest for-hire carrier in the U.S., announced Monday it had advised of the suspension, which will last at least until the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 is filed with the Securities and Exchange Commission. Allied Holdings fleets specialize in automotive transportation, including carrying new and used cars.
According to Allied’s press release, the company previously announced that the continued delay in filing the Form 10-Q is necessary to allow the company to complete its internal review of the report and that it expects to file its Form 10-Q for the quarter ended September 30, 2004 upon completion of this review. The company has devoted, and will continue to devote, significant resources to expedite the work necessary to complete and file its Form 10-Q as soon as possible, the press release said.
Allied also said it received a notice from Amex dated November 26, advising that it is not in compliance with the continued listing standards as set forth in Sections 1003(d) and 1101 of the Amex Company Guide regarding the Company's failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 and Sections 1003(a)(i) and 1003(a)(ii) of the Amex Company Guide regarding the level of the Company's shareholders' equity. The Company currently falls below the Amex continued listing standard requiring total shareholders' equity of not less than $4 million for a listed company that has sustained net losses in three of its four most recent fiscal years.
Allied Holdings Inc., the 22nd largest for-hire carrier in the U.S., announced Monday it had advised of the suspension, which will last at least until the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 is filed with the Securities and Exchange Commission. Allied Holdings fleets specialize in automotive transportation, including carrying new and used cars.
According to Allied’s press release, the company previously announced that the continued delay in filing the Form 10-Q is necessary to allow the company to complete its internal review of the report and that it expects to file its Form 10-Q for the quarter ended September 30, 2004 upon completion of this review. The company has devoted, and will continue to devote, significant resources to expedite the work necessary to complete and file its Form 10-Q as soon as possible, the press release said.
Allied also said it received a notice from Amex dated November 26, advising that it is not in compliance with the continued listing standards as set forth in Sections 1003(d) and 1101 of the Amex Company Guide regarding the Company's failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 and Sections 1003(a)(i) and 1003(a)(ii) of the Amex Company Guide regarding the level of the Company's shareholders' equity. The Company currently falls below the Amex continued listing standard requiring total shareholders' equity of not less than $4 million for a listed company that has sustained net losses in three of its four most recent fiscal years.
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