Big Board Delists Comdex Producer Key3Media

Key3Media Group

The Big Board notified Key3Media, producer of Comdex, NetWorld Interop and other tech trade shows, of the news Friday, according to a posting to Key3Media's Web site. In a statement, the NYSE said it will also seek to have the stock delisted, noting that it took the action due to "abnormally low recent selling prices" of Key3Media shares. As of Friday morning, the company's shares were trading at 5 cents each.

The trade show producer said it will keep producing all major events but is reviewing its operations "in light of recent market demand with a view to modifying its operating structure as necessary to compete in the current operating environment."

Three weeks ago, the Los Angeles-based company said the NYSE informed it that its share price had fallen below the minimum requirement and that it could be delisted within months. When that news was made public July 12, Key3Media stock closed at 26 cents per share.

The NYSE requires that a stock maintain a minimum average price-per-share of at least $1 for a 30-day period. At that time, Key3Media hadn't been above that threshold since June 3.

Like many other concerns that rode the high-tech wave, Key3Media has been buffeted in recent years. The show group had been controlled by Ziff Davis until August 2000, when it was spun off and began trading under its KME symbol.