Pier 1 Imports received notification from the New York Stock Exchange (NYSE) on January 11 that the company is no longer in compliance with NYSE continued listing criteria that require listed companies to maintain an average closing share price of at least $1 over a consecutive 30 trading-day period.
In accordance with NYSE rules, Pier 1 has six months from receipt of the notice to regain compliance with the NYSE’s minimum share price requirement, with the possibility of extension at the discretion of the NYSE.
Under NYSE rules, the company’s common stock will continue to be listed and trade on the NYSE during this period, subject to Pier 1’s compliance with other NYSE continued listing requirements. The company said it plans to notify the NYSE within 10 business days of its intent to cure the deficiency. Measures to regain compliance could include a reverse stock split of Pier 1 common stock, subject to shareholder approval.
The notification does not affect Pier 1’s business operations or its Securities and Exchange Commission reporting requirements and does not conflict with or cause an event of default under any of the company’s material debt or other agreements.