LYNNFIELD, Mass. (Feb. 10) — Tire recycler GreenMan Technologies Inc. has until March 20 to regain compliance with the continued listing standards of the American Stock Exchange, the company said.
AMEX told GreenMan Jan. 5 that its stock had fallen below the price needed for the company to remain listed on the exchange. GreenMan submitted its plan to regain compliance Jan. 18, and on Feb. 2 AMEX accepted the plan.
The exchange still could initiate proceedings to delist GreenMan after March 20 if it finds the company has made insufficient progress, but GreenMan has the right to appeal, the company said. GreenMan, which has hemorrhaged money in the past few years, faces fiscal 2005 losses in the $14 million to $15 million range, and recently closed its plants in LaVergne, Tenn. and Jackson, Ga., in an attempt to stem its losses.