Vicon Industries shares rebound after leaving NYSE for OTC exchange

Shares of Vicon Industries Inc., a Hauppauge maker of video security systems, rebounded Thursday after tumbling the day before on their final day  of trading on the NYSE American exchange.

Vicon shares climbed about 18 percent on Thursday after falling 24.6 percent Wednesday. The shares closed Thursday at 18 cents.

In a news release after Tuesday's market close,  the company said its stock would move from the NYSE American and begin trading Thursday on the OTCQB Venture Market.

In June, the company said that it had received a delisting notice from the NYSE American LLC and that it planned to submit a plan to regain compliance.

The website of NYSE American, a unit of Atlanta-based Intercontinental Exchange Inc., said Vicon was out of compliance because the value of its equity fell below $4 million and the company had "years of losses."

"After careful consideration of its available options and its assessment of the probability of the company regaining compliance," Vicon said in the news release, it decided to "transition to the OTCQB." 

OTC Markets Group Inc., based in Manhattan, runs three market tiers, the OTCQX for more established companies, the OTCQB for developing companies, and Pink for other companies.

Vicon sells video surveillance and license-plate reading systems to corporate, academic and government customers. One of the company's signature installations is in the state of Sinaloa, known as a hotbed of drug trafficking in Mexico.

In March, another Long Island company, Farmingdale-based Cemtrex Inc., took control of almost half of Vicon's outstanding stock, and that company's chief executive, Saagar Govil, also added the title of CEO at Vicon.