Monaco Coach Corp. today (Jan. 12) announced it received notice of noncompliance from the New York Stock Exchange (NYSE) on Jan. 6.
The Coburg, Ore.-based builder did meet not the exchange’s common stock standard requiring that a listed common stock maintain an average closing stock price of over $1 per share of common stock for 30 consecutive trading days. In afternoon trading today, Monaco had lost 11 cents per share to 66 cents.
Monaco has 10 business days, or until Jan. 21, to notify the NYSE of its intent to “cure the deficiency.” The company then has six months to meet the standards. If it fails, Monaco’s common stock would be subject to delisting by the NYSE.
The NYSE also said that Monaco’s average market capitalization over a recent 30 consecutive trading day period was below the minimum quantitative continued listing criteria of $25 million.
While this would normally be grounds for immediate suspension and delisting, the NYSE has advised Monaco that it is continuing to assess the company’s listing status.