Eagle Food Centers Inc, a regional supermarket chain headquartered in Milan IL, announced March 26 that its common stock will be delisted from the Nasdaq stock market effective as of the opening of business March 27, 2003.
The company expects that its common stock will be eligible for quotation March 27, 2003, on the OTC Bulletin Board and will trade under the symbol “EGLE.” Inclusion of the common stock on the OTC Bulletin Board or similar quotation system could adversely affect the liquidity of Eagle’s common stock and may impact public perception of the company.
Eagle received a Nasdaq staff determination March 18, 2003, indicating that the company failed to regain compliance with the minimum bid price and does not comply with the minimum market value of publicly held shares as required by Marketplace Rules 4310(c)(4) and 4310(c)(7), respectively.
The company is exploring all strategic options available and has retained Huron Consulting Group to assist in the process.
Eagle operates 61 stores in northern and central Illinois and eastern Iowa under the trade names of Eagle Country Markets and BOGO’S Food and Deals.