Friday, February 27, 2009
NYSE Euronext announced that the New York Stock Exchange will extend until June 30, 2009 the temporary lowering of its market-capitalization standard for listed companies. Through the same period, the NYSE also will suspend the application of its stock-price criteria. According to the announcement, "Today’s action reflects the Exchange’s determination that suitable companies should remain listed during the current period of unusual market volatility and decline."
Specifically, the NYSE is addressing two continued-listing requirements:
- The NYSE on Jan. 23 temporarily changed to $15 million from $25 million the minimum global market capitalization required of listed issues. This temporary change is now extended until June; it otherwise would have expired on April 22.
- The Exchange is suspending until June 30, 2009, the application of its stock-price standard, which applies to stocks whose average closing price falls below $1 over a consecutive 30-day trading period.