Baltimore – Locally based Prime Retail Inc. recently announced that the New York Stock Exchange (NYSE) will terminate the listing of the company's securities effective prior to the opening on Thursday, September 27, 2001.
Previously, the company's common stock, Series A Senior Cumulative Preferred Stock and Series B Cumulative Participating Convertible Preferred Stock have each been listed on the NYSE. Prime Retail expects that its securities will trade instead on the "over the counter" market under the auspices of the National Association of Securities Dealers.
The NYSE informed the company that it would take this step because the decline in the price of the company's common stock had resulted in the company no longer meeting the listing requirements of the NYSE.