By: Mark Fitzgerald
Journal Register Co., its stock now selling at about the cover price of its newspapers, disclosed Thursday that it is in danger of being delisted by the New York Stock Exchange (NYSE).
The Yardley, Pa.-based publisher of the Trentonian in Trenton, N.J., said in a Securities and Exchange Commission filing that it had been notified by the NYSE that it had fallen below the Big Board’s “continued listing standard” of minimum share price.
Companies are warned that their stock could be delisted if it closes below $1 per share during a consecutive 30-day period. Companies then have six months to come into compliance with the listing standard.
Journal Register said it intended to respond to the warning with a pledge to “cure the deficiency.”
Journal Register (NYSE: JRC) has traded below $1 for more than 20 consecutive trading sessions, and has not been above $1 since March 18. In early trading Thursday JRC shares were priced at 52 cents, up 2 cents, or 4%, from the opening.
The stock has not traded on the floor of the NYSE since Feb. 28, when it was suspended by the NYSE because its stock had fallen below $1.05 per share.
Sun-Times Media Group, publisher of the Chicago Sun-Times, has also disclosed it has been warned it could be delisted. Shares of Sun-Times (NYSE: SVN) were trading at 77 cents, up a little more than 1 cents, or 1.1%, in early trading Thursday.