Menomonee Falls-based Magnetek Inc. announced today that it was recently notified by the New York Stock Exchange that it is below the continued listing standards of the NYSE, because the company'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.
This is not the first time that Magnetek, which manufactures digital power and motion control systems, has been out of complaints with NYSE regulations. In November of 2008, the company was notified that it was not in compliance with the continued listing standards of the NYSE. The company regained compliance with the listing standards as of May, but one month later has fallen out of compliance again.
The company now has 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 from the stock exchange.
Magnetek again falls below NYSE listing standards
Operand type clash: text is incompatible with int
advertisement
Sorry, the story you tried to comment on is not accepting comments.