Paper Maker Faces Stock Delisting
NYSE warns Verso Paper about down average market capitalization.
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 NYSEâ€™s standards, Versoâ€™s average market capitalization over a 30-day period needs to be at least $75 million. As of December 11, Versoâ€™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 NYSEâ€™s standards. In a statement, Verso said it plans to respond â€śin a timely fashion.â€ť
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.