NYSE Regulation has reviewed the Company’s continued listing status under Section 802.01D of the NYSE Listed Company Manual in light of today’s announcement by the Company and has concluded that it is appropriate under that rule to continue the trading of the Company’s Common Stock on the NYSE. In making that determination, NYSE Regulation relied upon the fact that the Company has disclosed that it expects that its listed Common Stock will continue to have meaningful ongoing value in the reorganization and that the Company will generate positive cash flows going forward, as well as other relevant factors. NYSE Regulation will continue to closely monitor events at the Company and the appropriateness of continued listing and trading of the Company’s Common Stock.
NYSE Regulation previously announced on February 27, 2013 that it had determined to commence proceedings to delist the Company’s Common Stock from the NYSE. NYSE Regulation’s delisting determination was based on the fact that the Company had fallen below the continued listing standard in Section 802.01B of the Listed Company Manual which requires the Company to maintain an average global market capitalization over a consecutive 30 trading day period of not less than $100,000,000. After its initial notification to the Company of its non-compliance with this continued listing standard, NYSE Regulation accepted a plan from the Company under which the Company proposed to regain compliance with the applicable continued listing standard within the maximum 18-month plan period. However, the Company did not regain compliance with the applicable continued listing standard by the expiration of its 18-month plan period.
The Company has formally requested of NYSE Regulation to avail itself of its right to appeal the delisting determination to a committee of the board of directors of NYSE Regulation. NYSE Regulation will announce the date on which that appeal will be heard once it has been determined.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of any listed security in light of all pertinent facts whenever it deems such action appropriate, and that the NYSE may, at any time, suspend trading in 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