hhgregg Facing NYSE DelistingShare price stuck below $1 2/06/2017 01:00:00 PM Eastern
hhgregg could be delisted from the New York Stock Exchange (NYSE) in six months if it can’t get its stock price up to at least a buck.
According to NYSE rules, companies must maintain an average closing price of at least $1 per share over a consecutive 30-business-day period to continue trading on the exchange.
Shares of the struggling appliance, furniture and CE chain were trading at $.50 at post time, down from a 52-week high of $2.72.
The retailer is also in violation of NYSE rules requiring an average global market cap of at least $50 million and the same minimum amount in stockholder equity over a consecutive 30-trading-day period. The company had a market cap of $12.5 million on Feb. 7, according to MarketWatch.
The NYSE informed hhgregg of its rules violations last week. The company has six months to comply with the stock price minimum and must submit a plan by mid-March for regaining market-cap compliance.