The New York Stock Exchange suspended trading of the stock of Grubb & Ellis on Friday, and the stock traded on the over-the-counter exchange with the symbol “GRBE,” the firm said in a statement today.
The firm’s shares closed today up nearly 20 percent to $0.085. A year ago today, it traded at $1.36 per share.
The firm was removed from the NYSE because it did not sustain an average global market capitalization of at least $15 million over a 30-day trading period. The NYSE’s typical standard is $50 million, but Grubb & Ellis had presented the exchange with a different business plan, which was approved. Now that modified plan is no longer available.
Grubb & Ellis is now trading under the OTCQB ticker, which is the second tier of the over-the-counter market. The tier is determined by the amount of financial information the firm chooses to disclose. OTCQB firms do not have to file audits with the Securities and Exchange Commission.
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