Indianapolis-based Celadon Group Inc. (NYSE: CGI) has been granted a reprieve from being delisted from the New York Stock Exchange, The logistics company will be allowed to remain active on the NYSE through May 2 as it continues to "work diligently" again become current with its filings to the U.S. Securities and Exchange Commission.
Celadon says the extension is subject to review by the NYSE and provides it time to file annual reports from fiscal years ending June 30, 2016 and June 30, 2017, as well as quarterly reports for the three-month periods ending September 30, 2016, December 31, 2016 and March 31, 2017. In May, Celadon said the NYSE warned it could fall out of compliance and be delisted. It also announced a deep financial review and changes to its leadership team.
Celadon has been working to reposition itself financially, including naming a new chief financial officer in mid-October and a new chief executive officer in July, refinancing its revolving credit facility, cutting its three driving academies and downsizing its truck fleet by 400.
In January, Celadon announced it was seeking tax breaks for a planned $28 million new headquarters in Hancock County that would serves as a consolidation point for the company.