Friday, December 12, 2008

AVP, Inc. will deregister with SEC

by Unknown at 11:51 AM

The owner of the AVP Beach Volleyball Tour is "going dark".

Today, AVP, Inc. announced they will deregister with the Securities and Exchange Commission, and consequently be dropped from listing on the NASDAQ stock exchange will no longer be traded OTC. As the stock has been hovering below $1 per share for over a year, it's likely they would have been delisted per NASDAQ rules, anyway.

After delisting, there will be no public market to buy or sell AVPI stock; shares will be relegated to the much less liquid "pink sheets". Typically, share price drops, though at $0.08 per share, there's not much lower you can go.

This is not a good sign. Though AVP is trying to spin this as a cost-saving measure, the reality is that they've been financially faltering in the last few years. Tack on a terrible economy and this may just be the nail in the coffin for pro beach volleyball.

Read the press release.