Fountain Powerboat Industries started trading on Pink Sheets under the symbol FPWB.
As of this morning, the stock was trading at 12 cents per share.
Recently, the company was notified its stock would be suspended from trading on NYSE Alternext US, successor to the American Stock Exchange, and executives decided not to appeal that decision.
“In light of current economic conditions in general and, in particular, conditions within the marine industry, the company does not believe it can regain compliance with the Exchange’s continued listing standards in the near term,” Fountain stated at the time of the announcement.
In suspending Fountain, the Exchange noted that the company had “sustained losses that were so substantial in relation to its overall operations or its existing financial resources, or its financial condition had become so impaired” that it was questionable whether the company would be able to continue operations.