Body Central Common Stock To Move To OTC Market
Body Central Corp.
(Nasdaq: BODY), today announced that trading of the Company's common stock on
the NASDAQ Stock Market ("NASDAQ") will be suspended prior to the opening of
trading today. The Company anticipates that its common stock will be
immediately eligible for quotation on the OTC Pink Marketplace at the
opening of trading today under the same symbol ("BODY"). The OTC Pink
Marketplace is a market tier operated by OTC Markets Group Inc. for
over-the-counter traded companies.
As previously disclosed, under the NASDAQ Marketplace Rules, the Company was
required to obtain stockholder approval, prior to closing, for the issuance
of $18 million private placement of subordinated secured convertible notes
(the "Notes), which was consummated on June 27, 2014. However, in order to
preserve the financial viability of the Company, it was necessary to
consummate the Notes transaction before stockholder approval could be
obtained. As a result, the Company determined to voluntarily delist from the
NASDAQ Stock Market.
The transition to the OTC Pink Marketplace will not change the Company's
obligation to file periodic and other reports with the SEC under applicable
federal securities laws, and Body Central's shareholders remain owners of
the common stock.
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