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Denali Announces Delisting From Nasdaq

  • Wednesday, 1st November 2000
  • Reading time: about 2 minutes

Denali Incorporated announced that effective at the opening of business on October 30, 2000, its common stock will be delisted from the Nasdaq SmallCap Stock Market due to noncompliance with Nasdaq’s net tangible asset, market capitalization and net income requirements. Although the Company expects to be traded on the Over-the-Counter Bulletin Board, there is no assurance that a market will develop for the common stock on this exchange. “Although we regret the delisting, we will continue to capitalize on improvements in both our North American and European markets,” stated Dick Volk, chairman, CEO, and president. “Additionally, the level of bookings indicates a more stable underground storage tank market, backlog remains strong within the Plasticon Fluid Systems group, and realignments and operational restructuring are helping us to achieve improved results.” Denali also reported that it continues to engage in negotiations with William Blair Mezzanine Capital Fund III, L.P. (“Blair”) whereby the fund proposes to invest in excess of $20 million in the Company. This investment, if completed, is expected to resolve the Company’s current liquidity problems. Denali Incorporated is a provider of fluid handling products, specializing in corrosion-resistant applications in process industries. The Company is a manufacturer of engineered fiberglass-composite products, including tanks, vessels, and piping systems, as well as steel, aboveground storage tanks. The Company also distributes a wide range of engineered products and systems. Denali Incorporated is headquartered in Houston, Texas, and markets its products worldwide through its subsidiaries Containment Solutions (Houston); Plasticon Fluid Systems companies (headquartered in Tulsa) of Ershigs, Fibercast, Belco, Plasti-Fab, and SEFCO; and the Welna companies of Plasticon Europe and Hanwel Europe (The Netherlands and Germany), Plasticon Poland, Plasticon U.K., and Plasticon France. For more information on the Company, please visit its Web site at

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