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Circuit City Reports Non-Compliance With NYSE Listing Standard

10/30/2008 04:44:00 PM Eastern

Richmond, Va. — Circuit City reported that it was notified by the New York Stock Exchange (NYSE) that it did not satisfy standards for continued listing of the company's common stock.

On Friday, Oct. 24, NYSE told the chain it was “below criteria” because the average closing price of the company's common stock was less than $1 per share over a consecutive 30-trading-day period, as of Oct. 22.

Circuit City’s stock price closed today at 29 cents per share.

Under NYSE policy, in order to cure the deficiency for this continued listing standard, the company's common stock share price and the average share price over a consecutive 30-trading-day period must both exceed $1 by six months following receipt of the non-compliance notice.

The NYSE also notified the company that the exchange has the right to re-evaluate continued listing determinations with respect to qualitative listing standards, including an abnormally low selling price at sustained levels.

The company's common stock remains listed on the NYSE under the symbol "CC", but the NYSE will assign a "BC" indicator to the symbol to denote that the company is below the quantitative continued listing standards. As required by NYSE rules, in order to maintain the listing, the company will notify the exchange of its intent to cure this price deficiency within 10 business days of receipt of the non-compliance notice.


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