Quantum’s Continued Listing Plan Accepted by New York Stock Exchange
The company's stock continues to be listed pending quarterly reviews by the NYSE.
This is a Press Release edited by StorageNewsletter.com on March 16, 2009 at 3:41 pmQuantum Corp. announced that the New York Stock Exchange has accepted the company’s proposed business plan for continued listing on the NYSE. As a result, Quantum’s stock will continue to be listed pending quarterly reviews by the NYSE’s Listing and Compliance Committee to ensure progress against the plan.
In addition, with the NYSE’s recent suspension of its $1 minimum trading price requirement, Quantum now has until at least mid-August of this year to regain compliance with the $1 listing standard. If the company’s stock price does not reach the required level by then, Quantum can proceed with a reverse stock split based on shareholder approval granted last year.
Quantum had previously announced that the NYSE had notified the company that it was not in compliance with the continued listing standards requiring companies to maintain an average market capitalization of at least $75 million over a trailing 30-day trading period and an average closing stock price of at least $1 for 30 consecutive trading days.
Comments
Quantum received a warning from NYSE last November because it was not in compliance with the continued listing standard requiring
that stocks trade at a minimum average closing price of $1 for 30
consecutive trading days. At this time, the share was at around $0.29. It never surpassed $1 since the warning and is now at $0.37.
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