Violin switches stock exchanges fast

OTCQX replaces delisting NYSE as its share trading body

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It was only a temporary stock trading stop

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. ®

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