By Josh Beckerman
Tandy Leather Factory Inc. shares were down 8% to $5.05 as the retailer returned to Nasdaq.
Tandy stock traded on the pink sheets after an August 2020 Nasdaq suspension. Last year, the Securities and Exchange Commission said Tandy and former Chief Executive Shannon Greene agreed to settle charges for accounting, reporting and control failures that led to a restatement. According to the SEC’s order, Tandy’s inventory tracking system “was incapable of supporting its disclosed inventory accounting methodology.”
Last week, Tandy said the Nasdaq listing “is the final step in coming back from the accounting issues that led to the restatement” and it believed the listing “should restore liquidity for our investors.”
Tandy said in August that second-quarter sales declined less than 1% to $18.4 million. Results were “better than the trend we saw during the first quarter, largely as a result of adjustments we made in response to the continued lower consumer demand driven by inflation and uncertainty related to ongoing global political, economic and public health concerns,” the company said.
Write to Josh Beckerman at [email protected]
