Verso addresses NYSE continued listing standard
MEMPHIS, Tenn. – Verso Corporation (NYSE: VRS) announced today that the New York Stock Exchange has notified Verso that it has fallen below the NYSE’s continued listing standard requiring that the average share price of Verso’s common stock be at least $1 over a consecutive 30-trading-day period.
As of June 24, the date of the NYSE notification, the average closing price of Verso’s common stock over the past 30 consecutive trading days was 96 cents per share.
Verso intends to regain compliance with the NYSE’s continued listing standard by bringing the share price and the average share price of Verso’s common stock back to at least $1 within the required period of six months after receipt of the NYSE notification – by Dec. 24.
However, if Verso cannot cure the share price deficiency by such date, Verso intends to conduct a reverse stock split to facilitate achieving the $1 share price and average share price.
In such case, as permitted by the NYSE’s rules, Verso would solicit stockholder approval of an appropriate amendment of its certificate of incorporation at its next annual stockholders meeting to be held in May 2016 and would effect the reverse stock split promptly thereafter.