Fountain Powerboat Industries is no longer being traded on the New York Stock Exchange.
The Beaufort County boat manufacturer was notified last month that it faced delisting from the Stock Exchange because of problems with its financial health.
Fountain announced today that it's common stock began trading Monday on Pink Sheets, under the new symbol FPWB. Companies that trade on Pink Sheets not required to meet minimum requirements or file with the SEC.
It looks like a Beaufort County boat builder will be removed from the New York Stock Exchange as early as next week.
Fountain Powerboat Industries has until Monday to appeal a staff decision that it be delisted from the Stock Exchange and that trading of its stock be immediately suspended. Fountain's board of directors says the company will not appeal because it doesn't think with the current economic conditions it cannot regain compliance with the stock exchange in the near future.
Fountain President Reggie Fountain is optimistic heading into the future. Fountain says, "We are a much more lean company than we were before and if the economy comes back just a little and as it traditionally does this time of year in March and April we'll be able to get through it."
Last June Fountain was notified that it was in danger of being delisted. The Stock Exchange said the company had sustained substantial loses and that it appeared questionable whether the company would be able to continue operations. It said it was also concerned that Fountain had lost money in two of the past three years.
After it is delisted, Fountain's common stock will be quoted in the Pink Sheets under a new trading symbol.
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