More financial news
Joy Global to switch stock listing to NYSE
Milwaukee-based Joy Global Inc. announced it will switch the listing of its common stock from the NASDAQ Global Select Market to the New York Stock Exchange (NYSE).
The mining equipment manufacturer expects to begin trading on the NYSE on Dec. 6, 2011, under the new ticker symbol “JOY” and will ring the opening bell that morning.
Until the transfer is complete, the company’s common stock will continue to trade under the ticker symbol “JOYG” on the NASDAQ.
Michael Sutherlin, chief executive officer of Joy Global, said, “Joy Global has established itself as a global leader in mining equipment and we operate in over 120 facilities in 17 countries around the world. The NYSE gives us the recognition, reach and resources to better serve our needs as we continue to focus our growth on the international markets. As a result, it is another step in creating long-term value for our shareholders.”
“We are delighted Joy Global has decided to list on the New York Stock Exchange,” said Scott Cutler, NYSE Euronext executive vice president and head of listings, Americas. “We are committed to a long-term partnership with Joy Global and its shareholders, and to providing the superior liquidity, services and visibility associated with listing on the NYSE."
Magnetek stock gains extension for stock listing
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.
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.
Tankstar closes $25 million revolving credit facility
Milwaukee-based Tankstar USA has closed a new three-year, $25 million revolving loan credit facility with bank of America Business Capital.
Tankstar is a holding company that owns the stock of four Milwaukee logistics companies—Schwerman Trucking Co., Rogers Cartage Co., North America Bulk Transport Inc. and Bulk Logistics Inc.
The line of credit will be used for general corporate purposes, including operational growth and potential acquisitions.