Film Roman Dropped From Nasdaq
The Nasdaq Stock Exchange has officially delisted Film Roman Inc. shares from their Small Cap Market. The move is not unexpected due to Film Roman's failure to meet the Exchange's minimum bid requirements. The final share price on the Nasdaq for the company's shares was 56 cents. After being delisted, Film Roman's common stock was immediately eligible for trading on the OTC Bulletin Board under the new symbol ROMN.OB. The OTC Bulletin Board is a regulated quotation service that displays real-time quotes, last-sale prices and volume information in over-the-counter (OTC) equity securities. An OTC equity security generally is any equity that is not listed or traded on the Nasdaq or a national securities exchange. OTCBB securities include national, regional and foreign equity issues, warrants, units, American Depositary Receipts (ADRs) and Direct Participation Programs (DPPs). How the delisting will affect Film Roman's impending purchase by Indian production house Pentamedia Graphics is yet to be known. Pentamedia originally planned to invest US$15 million into Film Roman for a 51% stake by issuing a new stock. Film Roman declined comment about the merger, but said an announcement will come soon.