PORTLAND, Ore. – TRM Corp., the nation’s second largest independent operator of ATMs, yesterday said it will not challenge a move by the NASDAQ to delist its shares from its global market.
The company, which is being delisted for not maintaining the NASDAQ’s minimum bid price, said its shares will trade instead on the over-the-counter market’s Pink Sheets. The delisting is expected to occur tomorrow. The shares closed down 7% yesterday at just 43 cents.
The move comes just days after TRM announced $11 million in new financing, which it will use to finance the $15 million purchase of Access to Money and its 3,000 ATMs.
TRM once was the backbone of the credit union-owned CO-OP Network, which has scaled back its partnership over the past two years and now has some 4,000 TRM machines connected to the CO-OP Network.
