Along with some rather erradic trading the other day, the price per share has been hovering around the $0.40 mark. Due to market fluctuations on pricing for various raw materials required for production, the company has increased their production costs.
Management is clearly focused on rebuilding the company and strengthening it's financial position. This in turn will increase shareholder value.
The $1 price point is still required for continued NYSE listing. There are approximately 9 more days left before the 30 day 'grace' period is over. Below is an excerpt that details the requirements and events that may take place when a company has failed to meet listing requirements due to a price drop below $1:
A company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than $1.00 over a consecutive 30 trading-day period.
Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. A company is not eligible to follow the procedures outlined in Paras. 802.02 and 802.03 with respect to this criteria. The company must, however , notify the Exchange, within 10 business days of receipt of the notification, of its intent to cure this deficiency or be subject to suspension and delisting procedures. In addition, the company has 45 days (90 days in the case of a non-U.S. company) from receipt of the notification to issue a press release disclosing the fact that it has fallen below the continued listing standards of the Exchange. If the company fails to issue this press release during the allotted 45 or 90 days, the Exchange will issue the requisite press release. In the event that at the expiration of the six-month cure period, both a $1.00 share price and a $1.00 average share price over the preceding 30 trading days are not attained, the Exchange will commence suspension and delisting procedures.
