Magnetek regains compliance for NYSE listing; Fiserv named Service Provider of the Year
Magnetek regains compliance for NYSE listing
Menomonee Falls-based Magnetek Inc. announced has received notification from the New York Stock Exchange that it has regained compliance with the NYSE’s continued listing standards.
Magnetek’s reinstatement to listing compliance is due to the company’s compliance with the exchange’s minimum market capitalization standard. In addition to the NYSE’s normal monitoring procedures, the company will be subject to a 12-month follow-up period to ensure that it remains in compliance with the NYSE’s continued listing standards.
Magnetek today also announced the results of a special meeting of its stockholders, who approved an amendment to the company’s restated certificate of incorporation. The amendment authorizes the company’s board of directors to enact a reverse stock split of the company’s common stock at any whole number ratio between 1-for-2 and 1-for-10, on or before Dec. 31, 2010.
The board’s objective in proposing the reverse stock split is to increase the per-share trading price of the company’s common stock, a necessary step towards making the company’s common stock eligible for initial listing on the NASDAQ Global Market or another appropriate U.S. national stock exchange or automated dealer quotation system, in the event it became necessary or otherwise advisable for the company to transfer the listing of its common stock from the NYSE.
"We are pleased to have regained compliance with the New York Stock Exchange listing standards," said Pete McCormick, Magnetek’s chief executive officer. "As a result, the company currently has no plans to take any action with regard to either a reverse stock split or an optional move to another national exchange."
Fiserv named Service Provider of the Year
Brookfield-based Fiserv Inc. has been named Service Provider of the Year by Money Management Institute (MMI), the national organization for the managed investment solutions and wealth management industry.
The award salutes the organization that best demonstrates growth, innovation and long-term viability. Recipients are selected though a process of client nominations and voting by industry leaders including MMI members, service providers, industry press and members of the MMI board.
“The continuous commitment of Fiserv to deliver solutions that not only respond to current trends but anticipate the threats and opportunities the industry may face in the future, was recognized by Fiserv’s client base,” said Christopher L. Davis, president of MMI. “The nominations detailed Fiserv’s ability to step up to the challenges our industry faced during the past year and positioned them as the service provider of the year. Even in this difficult environment, Investment Services from Fiserv has remained a technology leader focused on meeting industry needs today while continuing to invest in the future.”