Quiksilver Inc. has six months, or until its next annual meeting, to boost its stock price or lose its listing on the New York Stock Exchange.
The owner of the Quiksilver, Roxy and DC brands disclosed Thursday that it had been notified July 10 by the NYSE that its stock no longer complied with a standard that requires a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days.
Under the NYSE rules, the company has a period of six months from the date of the NYSE notice to bring its 30-day average share price back above $1.00. However, if the company determines to remedy the non-compliance by taking action that will require shareholder approval, such as a reverse stock split, the company must obtain shareholder approval of such action by no later than its next annual meeting and implement such action promptly thereafter.
During this period, the company’s common stock will continue to be traded on the NYSE, subject to the company’s compliance with other NYSE listing requirements. The company will notify the NYSE of its intent to cure this noncompliance.
The NYSE notification does not affect the company’s business operations or its Securities and Exchange Commission reporting requirements.
