The Unimark Group, Inc. (Nasdaq: UNMG) announced yesterday that it has been granted an oral hearing for continued listing on the Nasdaq National Market System (“NMS”). Nasdaq had previously informed the Company that it would be delisted because the Company’s common stock had fallen below the minimum bid of $1.00 per share for over thirty consecutive trading days and that the Company’s market value of public float did not meet the minimum $5,000,000 required for listing. In addition, Nasdaq had also cited the Company for failing to hold an annual shareholder’s meeting for fiscal year 1999. Delisting dates include January 22, 2001, January 26, 2001 and February 16, 2001.
As provided by Nasdaq rules, listed companies may request an appearance before a hearings panel to appeal proposed delisting of a Company’s common stock. To address the delisting issues the Company responded by requesting an oral hearing for continued listing on the Nasdaq. The hearing will be held on March 1, 2001. Granting of the hearing by Nasdaq temporarily stays all related delisting actions.
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In the interim, pending the Nasdaq hearing panel’s decision, the Company’s shares will remain listed on Nasdaq’s National Market System. The Company is currently exploring possible courses of action to regain compliance with Nasdaq requirements and thus maintain its listing. However, the Company anticipates that if its appeal of the proposed delisting is unsuccessful, the Company’s common stock will commence trading on the OTC bulletin board.
About The Unimark Group, Inc.
The Unimark Group, Inc. is a leading multinational grower and producer of quality citrus and tropical fruit products supplying major branded food companies in the United States and selected countries worldwide. The Company is publicly traded under Nasdaq symbol “UNMG”.
NOTE: The foregoing is news relating to The Unimark Group, Inc. (the “Company”) and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company or its management, including without limitation, The Unimark Group, Inc. (as defined herein) and/or the Company’s other subsidiaries, are intended to identify such forward-looking statements. The Company’s actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For a discussion of additional factors that may affect actual results, investors should refer to the Company’s filings with the Securities and Exchange Commission, in particular, its annual report on Form 10-K for the fiscal year ended December 31, 1999, its quarterly report on Form 10-Q for the quarterly period ended September 30, 2000 and those factors listed under “Risk Factors” in the Company’s prospectus dated June 14, 1996. This does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes.
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