|
|
|
NYSE to Suspend Trading in Monaco Coach Corporation and Moves to Remove from the List
| | |
NEW YORK, March 3, 2009 – NYSE Regulation, Inc. (“NYSE Regulation”) announced today that it determined that the common stock of Monaco Coach Corporation (the “Company”) – ticker symbol MNC – should be suspended immediately.
NYSE Regulation based its determination on the “abnormally low” trading level of the Company’s common stock, which closed at $0.06 on March 2, 2009, with a resultant market capitalization of approximately $1.8 million. The Company announced on March 2, 2009, that it has provided termination notices to the majority of its remaining workforce while it continues to seek additional financing or capital or a corporate transaction. The Company noted that absent consummation of a sale or obtaining additional financing or capital, it may ultimately be forced to shut down operations.
Prior to the NYSE’s February 26, 2009 rule filing submitted to the Securities and Exchange Commission (“SEC ”) to temporarily suspend the $1.00 minimum share price requirement, the Company had previously been notified that it had fallen below the NYSE’s continued listing standard for average closing price of less than $1.00 over a consecutive 30 trading day period.
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 SEC to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff 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.
Company contacts:
Craig Wanicheck
541.686.8011
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting
|
