Blockbuster Comes to Terms With NYSE22 Jun, 2010 By: Erik Gruenwedel
Blockbuster June 22 said it has received approval from the New York Stock Exchange (NYSE) for its plan to regain compliance with the market board’s minimum average market capitalization requirement.
As a result, Blockbuster's common stock will continue to be listed on the NYSE through September 2011, subject to quarterly reviews to monitor its progress against the confidential plan and subject to Blockbuster’s compliance with the other continued listing requirements.
Fiscally challenged Blockbuster in March was notified by the NYSE that it had failed to maintain an average market capitalization of at least $75 million over a consecutive 30 trading-day period. In addition the Dallas-based DVD rental giant has been warned that its share price had fallen below the $1-per-share minimum over a 30-day business cycle.
Blockbuster, which holds in annual shareholder meeting June 24, has seen its stock price remain steadily below $1 since Oct. 26, 2009.