By: E&P Staff
The New York Stock Exchange (NYSE) notified the Sun-Times Media Group (STMG) it could be delisted from the Big Board unless the company brings up its share price.
Regulators with the NYSE told STMG on Wednesday its consecutive 30-day average closing price was below $1.00 per share. On March 20, the 30-day average for STMG shares (NYSE: SVN) was 99 cents. Under NYSE rules the company has six months to bring its share price and 30-day average closing price above $1.00.
If these conditions are not met, the NYSE will move to suspend and delist the stock.
On Feb. 22, the NYSE halted trading in STMG on the Big Board. Under NYSE rules, a stock is kicked off the board when it opens below $1.05. It continues to trade on electronic markets.
Journal Register (NYSE: JRC) also trades below $1.05 .
STMG closed at 85 cents today.