Menomonee Falls-based Magnetek Inc. announced that the New York Stock Exchange has accepted the company’s proposed plan for continued listing on the NYSE.
The Listings and Compliance Committee of the NYSE has chosen to truncate the plan period for regaining compliance.
Magnetek had received a notice from the NYSE that it was considered "below criteria" because the company’s total average market capitalization over a consecutive 30-day trading period and its most recently reported stockholders’ equity each amounted to less than $50 million.
The standard requires a minimum average closing price of $1.00 per share over 30 consecutive trading days. Magnetek’s stock was trading this morning at 99 cents per share.
As a result of the NYSE’s acceptance of Magnetek’s plan, the company’s stock will continue to be listed on the NYSE, pending quarterly reviews by the committee to assess progress by the plan. The company has until June 30, 2012, to regain compliance with the NYSE’s continued listing standards.
The company has six months (a "cure period") to bring its average share price back above $1.00.
Magnetek, Inc. manufactures digital power and motion control systems used in material handling, people moving and energy delivery.
