Southwall Technologies Inc., a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, announced that effective 26 Mar…
Southwall Technologies Inc., a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, announced that effective 26 March 2004 it voluntarily de-listed from the NASDAQ National Market and has applied to begin trading on the Over the Counter Bulletin Board Market. “Due to the structure of the recent financing arrangement announced 24 February 2004, the company was no longer in compliance with certain NASDAQ listing requirements. We felt that a voluntary delisting from the NASDAQ market and a potential move to the Over the Counter Bulletin Board Market would provide the best option to our shareholders by retaining liquidity in the company“s common stock,” said Thomas G. Hood, Southwall“s president and chief executive officer. “While we valued the prestige of a NASDAQ listing, we do not believe this action will affect our core business.” A description of the company“s recent financing transactions can be found on Southwall“s Form 8-K/A, which was filed with the Securities and Exchange Commission on 3 March 2004. There are two trading systems that are separate from the NASDAQ National Market: the Over the Counter Bulletin Board (OTCBB) and the National Quotation Service Bureau (NQS), commonly known as the Pink Sheets. Together, the OTCBB and Pink Sheets make up the OTC market in the United States. The OTCBB and the Pink Sheets are quotation mediums, rather than stock exchanges. OTC securities are traded by a community of market makers who enter quotes and trade reports through a sophisticated, closed computer network. Over 3,700 companies trade on the OTC exchange.