The New York Stock Exchange told LIN TV Corp. on Jan. 8 that the company was not in compliance with its criteria for continued listing, LIN said in a statement Wednesday (Jan. 14).
LIN received the notice because the average market capitalization of its Class A common stock over a consecutive 30 trading-day period was less than $75 million.
NYSE gives companies in this situation 45 days to submit a business plan that demonstrates their ability to restore compliance with the criteria within 18 months.
LIN said it had notified NYSE that it intends to submit such a plan and to work with the exchange to assess the company’s performance.
LIN noted that its stock market capitalization had improved since Jan. 1, with an average value over that period of about $80.8 million. But that figure also slipped below $75 million again Wednesday afternoon.
LIN’s stock value soared to nearly $20 per share in mid-2007, fell to $5 per share in July 2008 and has treaded water below $2 per share since October 2009. Midday Thursday, it was trading at $1.45 per share.
