The decision to suspend the company’s common stock was reached in view of the fact that the company has recently fallen below the New York Stock Exchange’s (“NYSE”) continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of not less than $25 million, which is the minimum threshold for listing.
The company had previously fallen below the NYSE’s continued listing standard for average closing price of less than $1.00 over a consecutive 30 trading day period, as well as average global market capitalization over a consecutive 30 trading day period of not less than $75 million and latest reported shareholders’ equity of not less than $75 million. The company was in the process of submitting business plan materials, however, in light of the subsequent non-compliance with the aforementioned minimum market capitalization standard, this plan process is no longer available.
The company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. 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 Regulation 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