News

TRM requests stock-listing transfer

March 23, 2008

PORTLAND, Ore. — March has proven to be a rocky month for troubled ATM independent sales organization TRM Corp., once one of the world's top ATM deployers — second only to ATM giant Cardtronics Inc.

But the last 18 months have taken their toll on the company, which on March 12 requested a listing transfer from the Nasdaq Global Market to the Nasdaq Capital Market. The request comes after repeated warnings from Nasdaq that TRM's stock is in jeopardy of delisting, namely because of delinquent earnings filings with the U.S. Securities and Exchange Commission as well as low per-share trading prices.

According to ATM & Debit News, TRM's stock traded below $1 per share for more than 30 days, which violates one of Nasdaq's trading stipulations.

ATM & Debit News, in its March 13, 2008 issue, also reports that TRM has borrowed $1 million from LC Capital Master Fund Ltd. to pay down the more than $6 million it owes to England-based NoteMachine Ltd., an ATM deployer that in January 2007 bought TRM's ATMs in the United Kingdom and Germany. The sale closed for £47 million (U.S. $92.6 million, at the time). A couple of months after the sale, however, NoteMachine executives reportedly warned TRM of potential warranty and unpaid-tax claims on the ATMs.

The two companies compromised and TRM agreed to pay NoteMachine $6.7 million.

The announcement of the loan from LC Capital Master comes on the heels of the TRM board appointment of Ethan Buyon, managing director of Citi Markets and Banking and interim chief operating officer of Citi Residential Lending Inc. Buyon, 53, joined the TRM board Feb. 22.

Read more about TRM.