Tix Corp. on Tuesday said it was ready to start trading its stock on the Pink Sheet’s new OTCQX market starting Friday after getting approval from the exchange.
The board of the ticketing and events promotion company decided last month to leave the Nasdaq after being warned again that its share price no longer met the exchange’s minimum $1 requirement. The stock of the Studio City company hasn’t closed at or above $1 since Aug. 9.
The OTCQX market was started by Pink OTC Markets Inc. in April to give larger, reputable companies a place to trade without having to meet SEC reporting requirements. Tix said it would continue providing detailed financial reports to investors.
Tix, which reported a $1.3 million net loss in the second quarter, said the move should save the company at least $1 million a year and free up management to focus on strategy and operating performance. The company earlier this month announced that it was exploring strategic alternatives, including the possible sale of its live entertainment business segment.
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