TOLEDO, Ohio (March 31, 2009)—Dana Holding Corp. said the New York Stock Exchange has accepted its plan for continued listing on the exchange, subject to quarterly reviews by the NYSE's Listings and Compliance Committee.
The Toledo-based automotive components supplier said in December that the NYSE had informed it that it had fallen below the exchange's continued listing standard of maintaining both an average closing price of at least $1 a share and average market capitalization of no less than $100 million for a consecutive 30-day trading period.
The exchange will conduct its reviews over an 18-month period retroactive to last Dec. 18. During that time, Dana must achieve market capitalization of $100 million either over a 30-day trading period at the end of the period, or over two consecutive quarterly monitoring periods.
As for the $1 a share requirement, the NYSE announced Feb. 5 a temporary suspension of its share-price standard through June 30. Dana said it has until October to cure its share price noncompliance.
The firm's stock closed at 49 cents a share on March 30.