NYSE Suspends $1.00 Minimum Share Price Requirement
March 6, 2009
The NYSE has suspended its $1.00 minimum share price listing requirement through June 30, 2009, due to market volatility and the significant decline in trading prices experienced by many listed companies.
Under its rules, the NYSE provides a listed company with notice of a share price deficiency when the listed company's average common stock closing price is less than $1.00 over a period of 30 consecutive trading days. The NYSE will initiate delisting procedures if the listed company does not make a timely request to cure the deficiency or if it does not regain compliance by the end of a six-month cure period. The current suspension provides relief from these rules. During the suspension period, the NYSE will not send out share price deficiency notices and the six-month cure period will not start to run for deficiencies prior to June 30, 2009.