Spectrum Brands stock delisted by NYSE

The New York Stock Exchange delisted Spectrum Brands on Monday and said the Atlanta-based company’s shares will resume trading Dec. 22 over the counter.

This is the latest sour turn for the embattled maker of Rayovac batteries and Remington shavers, which this year was sued by a major competitor for patent infringement and stymied in efforts to sell its pets supply unit to raise capital. The company, which carries $2.5 billion in debt, also shuttered its mulch and fertilizers division.

The company issued a statement afterward that pledged further cost-cutting and an evaluation of “strategic options” to reduce debt and deal with its overall situation.

“While disappointed with the [NYSE’s] decision and the recent performance of the company’s stock price, Spectrum Brands’ management team is focused on improving the overall health of the company in this challenging environment,” the company said.

Shares of Spectrum finished Monday at 13 cents before the NYSE announcement and had plunged more than 97 percent since January. The company’s market capitalization fell to $6.86 million from $311.8 million a year ago.

Last month, the NYSE warned Spectrum that it was in danger of being delisted because its shares fell below the average closing price of at least $1 per share for 30 consecutive days and because its market cap average fell below the $75 million minimum for the same period.

The delisting came the same day that Energizer Holdings Inc. said it reached a settlement in its patent infringement lawsuit against Spectrum. In the suit, filed in July, Energizer said Spectrum infringed on two patents related to its lithium batteries technology when Spectrum introduced Rayovac lithium batteries.

On Oct. 31, the federal judge hearing the case granted Energizer a preliminary injunction ordering Spectrum to recall its Rayovac lithium batteries from the market.

Terms of the settlement, which was finalized late last week, were not disclosed.