FBI Receives Notice On NYSE Listing StandardDecember 27, 2012
Furniture Brands International (NYSE: FBN) last week received a continued listing standards notice from the New York Stock Exchange because the price of its common stock fell below the NYSE’s minimum share price rule.
The NYSE requires the average closing price of a listed company’s common stock to be at least $1.00 per share over a consecutive 30 trading-day period.
Subject to NYSE rules, the company has six months from receipt of the notice to regain compliance with the NYSE’s price criteria (or by no later than the company’s next annual meeting of shareholders if shareholder approval is required, as would be the case to effectuate a reverse stock split).
FBI can regain compliance at any time during the six-month cure period if on the last trading day of a calendar month during the cure period, the company has a closing share price of at least $1 and an average closing share price of at least $1 over the 30 trading-day period ending on the last trading-day of that month or on the last day of the cure period.
The NYSE notification does not affect the company’s business operations or its Securities and Exchange Commission reporting requirements, and does not conflict with any of the Company’s credit agreements or other debt obligations.
The company’s common stock continues to trade on the NYSE, and the company is currently in compliance with all other NYSE listing rules. FBI expects to notify the NYSE of its intention to regain compliance with the NYSE’s price criteria, including by effecting a reverse stock split if necessary. Any reverse stock split would be subject to the approval of the company’s Board of Directors and shareholders.