Evansville-based Accuride Corp. (NYSE: ACW) has announced it could face suspension or delisting by the New York Stock Exchange. The company received a notice from the NYSE this week that it was not in compliance with a specific requirement.
The NYSE told Accuride that it had not maintained an average closing price of not less than $1.00 per share over a period of 30 consecutive trading days. The company says it does intend to comply with that requirement and has 10 business days to notify the NYSE of its intention.
The company says under NYSE requirements, it will have six months from receipt of the notification to regain compliance or face suspension or delisting.
"The Company may regain compliance at any time during the six-month cure period if its common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the period, and also has an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month," Accuride said in a statement.
The company says it is exploring alternatives to restoring its compliance.