NYSE delists Penton's stock

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Cleveland--Penton Media announced late Wednesday that it is being officially delisted by the New York Stock Exchange.

Penton’s stock will continue to trade on the NYSE until it begins trading on the Over-the-Counter Bulletin Board, which is expected to take place on June 17.

Penton, which has struggled in the b-to-b media downturn, is being delisted because it failed to meet continued listing criteria, which include minimal levels for share price and shareholders’ or book equity. The company, which said it will not challenge the NYSE’s decision, had embarked on a business plan last December to remain listed on the exchange.

"Everyone at Penton has worked diligently to achieve the goals outlined in our business plan, and we have been pleased with our progress," said Thomas L. Kemp, Penton’s chairman-CEO. "Unfortunately, increasing the book equity of the business within the timeframe of the NYSE was the most difficult minimum-listing requirement to cure."

--Sean Callahan

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