Fedders Corporation, a leading global manufacturer of air treatment products, including air conditioners, furnaces, air cleaners and humidifiers for residential, commercial and industrial markets, announced today that it intends to appeal the decision by the New York Stock Exchange to suspend trading, beginning Nov. 8, in its common and preferred stock, due to falling below its minimum market capitalization listing standards.
The company stated that it has developed and is making significant progress in executing a plan that it believes will restore the company's compliance with the standard. The plan comprises, among other things, focusing on the profitable and growing segments of its core HVAC business and the previously announced sale of its non-core businesses. During the appeal process, the company's stock will trade on the OTC Bulletin Board. The company expects to announce the symbol under which it will trade, and the Market Makers, prior to the close of business on Nov. 7.
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