NASDAQ has notified Granite City Food & Brewery, which has a restaurant in Maumee and is opening one in Lyndhurst, that it will delist the company's common stock effective April 26 for failure to meet minimum shareholders' equity requirements.
Granite City stock will be immediately eligible for trading on the OTCQB marketplace with the open of business on April 26, the company said.
“Despite the move to the OTCQB, Granite City will maintain high standards of disclosure and remain in an environment where we can tell a great story of growth and value for current and future shareholders," Chief Executive Officer Rob Doran said in a prepared statement. "At the recent NASDAQ panel hearing, we pointed out that our company has weathered one of the worst periods in the history of the restaurant industry, surviving and growing while many other multi-unit restaurant concepts have either disappeared or have been absorbed by other industry restaurant players."
To read the full news release, click here.