Verso Addresses Additional NYSE Continued Listing Standard
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Verso Paper Corp., Memphis, Tenn., USA, reports that its common stock price has fallen below the New York Stock Exchange's continued listing standard. The NYSE notified the company that the average closing price of Verso's common stock must be at least $1.00 over a consecutive 30 trading-day period. As of August 14, the date of the NYSE notice, the average closing price of Verso's common stock over the past 30 trading days was $0.97 per share.
To maintain its NYSE listing, Verso has until February 14, 2014, which is six months from the date of the NYSE notice, to bring the closing share price and the average closing share price of its common stock back above $1.00. Verso has notified the NYSE that it intends to cure the share price deficiency. During the cure period, Verso's common stock will continue to be traded on the NYSE, subject to Verso's compliance with other NYSE continued listing requirements.
Separately, and as previously disclosed, Verso has appealed the NYSE staff's determination to delist its common stock due to the company's failure to satisfy the NYSE's continued listing standard requiring that it have an average market capitalization of at least $75 million over a consecutive 30 trading-day period. The review committee of the NYSE's board of directors currently is scheduled to hear Verso's appeal on September 10.
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