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 as low as 50 cents recently, 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 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.
