Monaco Finance Stock Listing Moved to Nasdaq Smallcap Market
6 November 1998
Monaco Finance Common Stock Listing Moved to Nasdaq Smallcap Market From National Market System
DENVER, Colorado--Nov. 6, 1998--Nasdaq Grants Monaco Conditional Exception to Listing Requirements
Monaco Finance, Inc. (Nasdaq SmallCap: MONFA), a sub-prime automobile lender, announced that its common stock will be traded on the Nasdaq SmallCap market effective today. The Company's common stock previously traded on the Nasdaq National Market System.
Monaco's listing on the Nasdaq SmallCap Market was approved by a Nasdaq Listing Qualifications Panel subject to the company completing its previously announced reverse stock split by November 16; thereafter, the closing bid price must meet or exceed $1.00 per share for a minimum of the next ten consecutive trading days.
At a special meeting of shareholders scheduled for Thursday, November 12, 1998, Monaco shareholders will be asked to approve the one-for-five reverse stock split previously approved by the company's Board of Directors.
"By remaining listed on the Nasdaq Stock Market, Monaco stock will have more liquidity than if the Company were traded over the counter on the bulletin board," said Joseph A. Cutrona, Jr., chief executive officer of Monaco. "Receiving Nasdaq approval of our plan to retain our listing is an important step for Monaco and its shareholders."
Monaco Finance, which is based in Denver and operates in 29 states, is one of the nation's most experienced secondary auto finance companies specializing in acquiring, from automobile dealerships, retail installment contracts of purchasers of new and late model automobiles. Monaco has developed sophisticated credit evaluation systems and state-of-the-art loan monitoring programs to provide a solid platform for future growth.
The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes that the assumptions underlying the forward looking statements are reasonable, any of the assumptions could be inaccurate and therefore, there can be no assurance that the forward looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the forward looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.