Quantum to Be Delisted?
Warning from the New York Stock Exchange
This is a Press Release edited by StorageNewsletter.com on November 3, 2008 at 3:56 pmQuantum Corp. announced that the New York Stock Exchange has notified the company that it is not in compliance with the NYSE’s continued listing standard requiring that stocks trade at a minimum average closing price of $1 for 30 consecutive trading days.
Under NYSE rules, Quantum must inform the NYSE by Nov. 10, 2008, of its plans for ‘curing’ the average stock price deficiency and has until April 27, 2009, to comply with the listing standard. If the company’s stock price does not reach the level required for compliance by that date, Quantum can proceed with a reverse stock split based on the shareholder approval it already received in August of this year.
Quantum’s stock will continue to be listed on the NYSE during the six-month cure period, subject to compliance with other NYSE continued listing requirements.
Comments
The share is down to $0.29 and under $1 since the beginning of October. Current market cap is $61 million. Quantum is probably not the last storage company risking to be delisted as their share prices is decreasing because of their poor results and the financial crisis.
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