Healdsburg wine company Truett-Hurst to stop stock trading on Nasdaq
Truett-Hurst Inc. on Friday said it would delist from the Nasdaq stock market around March 28, capping a more than five-year odyssey for the Healdsburg winery on the stock exchange.
The company went public in 2013 with its stock initially trading at $6 a share. But it encountered numerous setbacks in its business that resulted in losses. There were a bitter lawsuit between founder Bill Hambrecht and the other investors, manufacturing problems that killed off its Paper Boy brand packaging and a failure to gain traction in the wine spritzer category.
Last year, Phil Hurst, the company’s co-founder, left as CEO and the company sold its wholesale wine business to concentrate on its direct-to-?consumer sales.
The stock closed Friday at $1.89 per share. The company said the stock will trade its shares in the over-the-counter market after its last trading day on Nasdaq.