Nasdaq delists Hines in August

Hines Horticulture, headquartered in Irvine, Calif., was notified of its Nasdaq delisting in a letter on Aug. 6. Trading of Hines shares was suspended Aug. 8.

Hines was delisted because the company had not filed its quarterly report on Form 10-Q for the quarter ended March 31, 2007, and Hines failed to maintain the minimum stockholders’ equity requirement.

Hines’ bid price per share had closed lower than $1 per share for more than 30 consecutive business days. To be in compliance with the minimum bid rule, company stock must close higher than $1 per share for 10 consecutive business days.

In a Form 8-K filed Aug. 10, Hines reported it entered into “a letter of intent” with Layman Wholesale Nurseries for the potential purchase of some of Hines’ property, inventory and equipment at the Trenton, S.C. facility. Layman, which specializes in perennials, daylilies and hostas, also is located in Trenton. At press time, the deal had not been finalized.

Earlier this summer, Hines chief executive officer Robert A. Ferguson and vice president Stephen C. Avery left the company. James R. Tennant, former member of the company’s audit committee, was named CEO. Ferguson received a $650,000 severance, while Avery received $103,500.

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For more: Hines Horticulture, (800) 444-4499; www.hineshorticulture.com.