The NYSE has extended until June 30, 2009 the temporary lowering of its market-capitalization standard for listed companies. In addition, the NYSE has temporarily suspended the $1 minimum price requirement. The NYSE stated that its actions reflect the Exchange’s “determination that suitable companies should remain listed during the current period of unusual market volatility and decline.”
On January 23, 2009, the NYSE changed the minimum global market capitalization required of listed issuers from $25 million to $15 million. The new order extends this change to June 30, 2009; otherwise it would have expired on April 22. The new order also suspends the requirement that a listed issuer’s stock price not fall below $1 over a consecutive 30-day trading period.
The NYSE has submitted the proposed temporary changes to the SEC and has asked the SEC to waive the 30-day operative delay. The NYSE expects the SEC to take prompt action to effectuate the waiver.
