Stage Stores has received notification from the New York Stock Exchange on June 20, 2019, that the company is no longer in compliance with the NYSE continued listing criteria that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
The NYSE notification does not affect Stage Stores’ business operations or its Securities and Exchange Commission reporting requirements, the company said, nor does it conflict with or cause an event of default under the company’s credit facility.
Under NYSE’s rules, the company has a period of six months from receipt of the notice to regain compliance with the minimum share price requirement, subject to possible extension if the company determines to remedy the non-compliance by taking action that will require shareholder approval.
The company’s common stock will continue to be listed and trade on the NYSE during this period, subject to Stage Stores compliance with other NYSE continued listing requirements. The company said it plans to notify the NYSE of its intent to cure and return to compliance with the NYSE continued listing standards.