Verso Paper Corp. has announced that the New York Stock Exchange has accepted the company's plan for continued listing on the NYSE. As a result, Verso's common stock will continue to be listed on the NYSE, subject to quarterly reviews by the NYSE to monitor the company's progress against the plan.
The NYSE earlier notified Verso on December 21, 2011, that the company had fallen below the NYSE's continued listing standard requiring that it maintain an average market capitalization of at least $75 million over a consecutive 30 trading-day period. With the NYSE's acceptance of the plan, Verso has 18 months from the original notification date in which to comply with the average market capitalization standard, subject to its compliance with the NYSE's other continued listing requirements.
Verso will continue to work proactively with the NYSE to maintain the listing of its common stock during the compliance period. "The NYSE's acceptance of our plan reaffirms our belief that Verso's strategic direction and fundamental operating principles are sound. We look forward to executing our business plan and increasing our share price and market capitalization," commented Mike Jackson, Verso's President and Chief Executive Officer.
Source: Verso Paper Corp.