Diversicare Healthcare Services has been delisted from the NASDAQ Stock Market after its appeal to stop the delisting was denied, the company announced.
NASDAQ’s decision to delist the stock came after the company’s market value of listed securities no longer met the $35 million minimum. The company’s common stock is now being traded on the “Over the Counter” market under the symbol “DVCR.”
Diversicare, a skilled nursing chain based in Brentwood, TN, said it still plans to remain a “reporting company under the Securities Exchange Act of 1934 and continue to be subject to the public reporting requirements of the Securities and Exchange Commission.”
In early August, the company reported its net loss from continuing operations was $24.6 million in the second-quarter. It also reported a decrease in patient revenues for the period after selling off three Kentucky centers and decreases in its Medicare, Medicaid and private average daily census. Revenues were $135.4 million, which was a decrease of a $5.7 million when compared to last year.
