Violin switches stock exchanges fast

OTCQX replaces delisting NYSE as its share trading body

In an astoundingly fast piece of work Violin Memory shares were listed and trading on the OTCQX market a day after the New York Stock Exchange said it was halting trading in Violin’s shares.

The October 27 NYSE halt was due to Violin’s average market capitalisation dropping below $15mn for a 30-day period (background here.) The move threatened dire consequences unless Violin could somehow return its stock to publicly-traded status, which it has done.

The company gained a listing on the OTCQX market on October 28, and its shares started trading at $0.25, which compares to the $0.37 value they had when the NYSE halted trading. The trading symbol, VMEM, is the same as before. ®