Less than four years after going public, the Colonie Center’s co-owner is leaving the New York Stock Exchange with battered stock and moving to the Over-the-Counter Bulletin Board.
NYSE Regulation announced Monday it will delist the Long Island-based Feldman Mall Properties on July 7 because its common stock had fallen below a minimum threshold of listing. Feldman, which has experienced a series of leadership shake ups over the last eight months, said its stock started trading on the OTC on the same day.
The real estate investment trust’s predecessor in Phoenix, Ariz., Feldman Properties, held its initial public offering in late 2004. The IPO came shortly before Feldman acquired the Colonie Center in February 2005.
Since then, Feldman’s founder, Larry Feldman, has stepped down as chief executive officer, though he remains the company’s chairman. In May, investors also elected three new members to Feldman’s board of directors. The company ended 2007 with a net loss of $17.1 million.
Feldman recently completed a nearly $100 million renovation at the Colonie mall, which included a 13-screen Regal Cinemas that opened in May. The company owns four malls and co-owns three in seven states.