Walnut Financial Services, Inc. Plans to File a Nasdaq Smallcap Listing Application as It Anticipates Nasdaq Appeal Process in Potential Delisting From Nasdaq National Market.

Business Wire | October 26, 1999 | Copyright

VIENNA, Va.--(BUSINESS WIRE)--Oct. 25, 1999--

Walnut Financial Services, Inc. (Nasdaq: WNUT) today announced that the Staff of The Nasdaq Stock Market, Inc. notified Walnut, on October 21, 1999, that the Staff has concluded that the proposed merger of Tower Hill Acquisition Corp. ("Newco"), a wholly owned subsidiary of Walnut, with and into Tower Hill Securities, Inc. ("Tower Hill") constitutes both a change of control and a change of business of Walnut.

As such, under Nasdaq rules, Walnut will be required to submit an initial listing application to remain ...

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