Point 360 will delist its shares from the Nasdaq Capital Market and will move trading to over-the-counter but still provide full financial reports, the company announced on Friday. The Glassell Park post production house said its board decided to delist because the thin trading of its shares doesn’t justify the costs to remain on the exchange. Also, the company is no longer in compliance with Nasdaq’s minimum price threshold of $1 a share. “The company will remain a reporting company under the Exchange Act and will continue to file full financial reports that will be available on the SEC’s website,” Point 360 said in a statement. The company, which has a market cap of just $3.69 million, had an average trading volume of 14,365 shares for the past three months, according to Yahoo Finance. Its share price also has been on a general downward trajectory after hitting 71 cents in late July. The switch is scheduled to occur Dec. 1, with trading over the counter to begin the next day. The stock will continue to use the ticker symbol PTSX. Shares of Point 360 closed down 5 cents, or 12 percent, to 35 cents.
