Quiksilver reported that on July 10, the Company was notified by the New York Stock Exchange (NYSE) that the Company's common stock is not in compliance with the NYSE's continued listing standard that requires a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days.
According to a release from the Company, under the NYSE's 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.
The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.
Quiksilver, an outdoor sports lifestyle company, designs, produces and distributes branded apparel, footwear and accessories.
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