The decision was reached in view of the fact that the Company has fallen below the Exchange’s continued listing standard regarding average global market capitalization over a consecutive 30 trading-day period of less than $25,000,000, as this is considered the minimum threshold for listing. Such non-compliance resulted in the NYSE initiating suspension and delisting procedures, as plan procedures described in the Listed Company Manual are not applicable if a company falls below this particular requirement.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE staff’s decision. The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting