Monday, 6 April 2009

Virgin Mobile regains NYSE listing compliance – USA

Virgin Mobile USA has announced the restoration of compliance with the New York Stock Exchange’s (NYSE) minimum share price requirement of USD 1 for continued listing standards. According to Virgin Mobile, the company’s 30-day average share price (as of March 31) was registered at USD 1.19.

In November 2008, Virgin Mobile had received letters of non-compliance from the NYSE, as both the share price and market capitalisation dropped below the minimum requirements for continued listing. Though, Virgin Mobile has met the minimum share price requirements, it has yet not satisfied the minimum market capitalisation requirement of above USD 100 million (on an average) for two consecutive quarters, the deadline for which is May 2010.