Circuit City Receives Non-Compliance Warning from NYSE30 Oct, 2008 By: Erik Gruenwedel
As expected, financially challenged Circuit City Stores Oct. 30 said it received notice from the New York Stock Exchange that its common stock shares had failed to meet the minimum $1 threshold for 30 consecutive business days ending Oct. 22.
To remedy the situation, Circuit City shares must exceed $1 over a 30-day period within six months of the notice. Failure to do so could result in delisting of the stock from the NYSE. The Richmond, Va.-based No. 2 consumer electronics retailer, which is in the midst of aggressive restructuring, lost more than $239 million in the most recent financial period.
Shares have fallen 93% since the beginning of the year.