Pier 1 Receives Non-compliance Notice From NYSE

Pier 1 Imports recently received notice from the New York Stock Exchange that the company is no longer in compliance with NYSE continued listing standards.

At issue, according to Pier 1, is the company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its shareholders’ equity was less than $50 million.

As of August 2, 2019, the 30 trading-day average global market capitalization of the company was approximately $25 million and the company’s last reported shareholders’ equity as of June 1, 2019, was $9.2 million.

Officials with Pier 1 said the company intends to notify the NYSE within 10 days of receipt of the non-compliance notice that it will submit a plan within 45 days to bring the company into compliance.