Kmart Notified Stock May Be Delisted from NYSE
TROY, Mich. - Kmart Corp. said on Wednesday the New York Stock Exchange has told the bankrupt retailer its stock could be delisted within the next six months, Reuters reports.
Kmart received the notification because the average share price of its common stock for the previous 30 days has been below $1. The NYSE's criteria for continued listing require that a company's common stock trade at a minimum average share price of $1 over a 30-day period.
Under exchange guidelines, Kmart must return to compliance within six months after receiving the NYSE's notification. If Kmart's shares cease to be traded on the NYSE, the company said, it believed an alternative trading venue would be available.
Kmart received the notification because the average share price of its common stock for the previous 30 days has been below $1. The NYSE's criteria for continued listing require that a company's common stock trade at a minimum average share price of $1 over a 30-day period.
Under exchange guidelines, Kmart must return to compliance within six months after receiving the NYSE's notification. If Kmart's shares cease to be traded on the NYSE, the company said, it believed an alternative trading venue would be available.
