Anchor BanCorp and Magnetek face delisting by Nasdaq, NYSE
Madison-based Anchor BanCorp, the corporate parent of Anchor Bank, and Menomonee Falls-based Magnetek, received delisting notifications from the Nasdaq and New York stock markets, respectively. Shares of Anchor BanCorp below the required $1 per share price on the Nasdaq for longer than 30 days, while Magnetek’s average market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $50 million.
Anchor BanCorp has until Dec. 15 to restore its stock price to at least $1 per share – if the company’s shares exceed that level for 10 days before that time, the delisting warning will be lifted.
Magnetek was given 45 days to submit a business plan to the NYSE demonstrating how it intends to regain compliance with the listing standards within 18 months. If the NYSE does not accept the company’s plan, it could be delisted.