TOLEDO, Ohio (Dec. 30, 2008) — Dana Holding Corp. said the New York Stock Exchange has notified the company it has fallen below its continued listing standards, because of its low stock price and market capitalization.
The NYSE requires that during a consecutive 30-day trading period - the average closing price of a listed company's common stock must be a minimum of $1 per share and its market capitalization must equal or exceed $100 million. On Dec. 30 the firm's share price was 65 cents, and the firm's market value was $65 million.
Dana said it plans to notify the NYSE that it intends to resolve these matters. The company has six months to return its average share price above the required threshold, and 45 days to submit a plan demonstrating its ability to comply with the market capitalization standard.