The New York Stock Exchange relaxed listing requirements at the world’s largest equity market, reducing the minimum value companies must maintain to $15 million after the Standard & Poor’s 500 Index’s worst start to a year.
Bloomberg reported that the the reprieve, which lowered the requirement from $25 million, will last through April 22 for companies listed on the Big Board, the exchange said in a statement today.
There are 19 NYSE companies whose stock-market value is less than $25 million, including recreational vehicle maker Coburg, Ore.-based Monaco Coach Corp., according to data compiled by Bloomberg.
“The proposed modified requirement will enable these companies to remain listed in the current difficult market conditions with the prospect of a future recovery in their stock prices,” New York-based NYSE Euronext said in a filing with the U.S. Securities and Exchange Commission (SEC) today.
The S&P 500 has plunged 9.3% in 2009, its worst start to a year. The measure retreated 38% in 2008.