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Verso Addresses NYSE's Determination to Commence Delisting Proceedings

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Verso Paper Corp., Memphis, Tenn., USA, reports that the New York Stock Exchange will commence proceedings to delist its common stock due to the company's failure to satisfy the NYSE's continued listing standard relating to market capitalization. As previously reported, on December 21, 2011, the NYSE initially notified Verso that it had fallen below the NYSE's continued listing standard relating to market capitalization. To maintain the listing, the NYSE requires that Verso have an average market capitalization over a consecutive 30-trading-day period of at least $75 million.

On February 6, 2012, Verso submitted to the NYSE a plan to achieve compliance with the market capitalization standard within 18 months after the initial notice from the NYSE, and the NYSE notified Verso of its approval of the plan on March 16, 2012. Verso's market capitalization exceeded the $75 million requirement during much of the 18-month plan period; however, it was not able to maintain such level at the end of the plan period as required by the NYSE. As of this past June 21, the last day of the plan period, Verso's 30-trading-day average market capitalization was $60.5 million.

Under the NYSE's rules, Verso has the right to a review of the NYSE staff's delisting determination by a committee of the board of directors of the NYSE. Verso has notified the NYSE that it intends to seek such review. Verso expects that the NYSE will permit the common stock to continue trading on the NYSE during the review process.

Verso is a producer of coated papers, including coated groundwood and coated freesheet, and specialty paper products. Its paper products are used primarily in media and marketing applications, including magazines, catalogs, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising.


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