NYSE Notifies Quantum of Continued Listing Noncompliance
The company must submit a business plan to achieve compliance within 45 days.
This is a Press Release edited by StorageNewsletter.com on December 8, 2008 at 3:33 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 companies maintain an average market capitalization of at least $75 million over a trailing 30-day trading period.
Under NYSE rules, Quantum has 18 months from receipt of the NYSE notification to achieve compliance with this listing standard and must submit a business plan for doing so within 45 days. If the NYSE accepts the plan, the company will be subject to quarterly monitoring for compliance with the plan, during which Quantum’s stock will continue to be listed on the NYSE. If the plan is not accepted, Quantum’s stock will be subject to suspension by the NYSE and delisting by the U.S. Securities and Exchange Commission.
Comments
On December 5, 2008, the share of Quantum was at $0.25, its market capitalization being $52.52 million, far from the $75 million imposed by the New York Stock Exchange.
The market cap of two other public independent companies also in the tape industry is $26.59 million for Qualstar and only $2.68 million for Overland.
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