The Journal Register Co., which owns the New Britain Herald and the New Haven Register, announced today that on March 31 the company was notified by the New York Stock Exchange that the company had fallen below the NYSE’s continued listing standard relating to minimum share price.
The NYSE standard requires that a company’s common stock trade at a minimum average closing price of $1.00 per share during a consecutive 30-day trading period.
Under the NYSE rules, the company has ten business days to notify the NYSE of its intent to cure this deficiency and six months to cure it or be subject to suspension and delisting. The company said it intends to notify the NYSE within the required ten business day period that it intends to cure the deficiency.
Under the NYSE rules, the company’s common stock will continue to be listed on the NYSE during the six-month cure period, subject to compliance with the other NYSE continued listing requirements. Although the company intends to cure its deficiency and to return to compliance with NYSE continued listing requirements, it acknowledged that there can be no assurance that it will be able to do so.
