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Paper Maker Faces Stock Delisting

NYSE warns Verso Paper about down average market capitalization.



By Jason Fell
12/18/2008

Memphis, Tennessee-based magazine paper producer Verso Paper said it has been notified by the New York Stock Exchange that the company has fallen below its listing standard and faces delisting.

According to NYSE’s standards, Verso’s average market capitalization over a 30-day period needs to be at least $75 million. As of December 11, Verso’s 30-day average market cap was roughly $65.4 million, the company said.

Verso has 45 days (from December 11, the day it was notified) to submit a plan that demonstrates its ability to regain compliance with NYSE’s standards. In a statement, Verso said it plans to respond “in a timely fashion.”

Through the first nine months, Verso reported a net loss of $29.2 million, up from a $103.4 million loss during the same period last year.

By Jason Fell
12/18/2008




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