Pameco Corp. (Nasdaq: PAMC) announced that the company has received notice from the New York Stock Exchange that its stock will be delisted from that exchange. Pameco's stock is now traded on the Nasdaq Over-the-Counter Bulletin Board market, effective Dec. 29, 2000.
The distribution company has received over the last 10 months $60 million of new equity investments in the form of convertible preferred stock, which has reduced outstanding indebtedness and funded a restructuring of Pameco's operations.
"These investments have provided us with the capital we need to grow our business," said Dixon R. Walker, president and chief executive officer of Pameco. "That's good news for the future of the business, but it has had the effect of diluting our publicly traded common stock, which makes the OTC a more appropriate market for the stock to be traded."