By Staff
From staff reports
Fountain Powerboat Indutries Inc. has received a reprieve from the American Stock Exchange, which had been moving to delist the company’s stock, according to a statement from the company.
Fountain received word Monday that its plan for dealing with Amex’s concerns about Fountain’s finances had been accepted. Fountain is listed on Amex under the symbol FPB. At the end of trading for the week, which came before the announcement, it was valued at 90 cents per share.
The company now has until Dec. 11 to get its balance sheet in order. During that time, Amex’s staff will periodically review the company’s progress. If Fountain’s finances are not to Amex’s liking by the end of the extension, the exchange might start proceedings to delist the company.