June 30--Verso Corp., the Tennessee-based paper producer that acquired NewPage Holdings Inc. in January, has been notified by the New York Stock Exchange that it has fallen below the NYSE's continued listing standard, according to a media release.
The NYSE requires that the average share price of Verso's common stock be at least $1 over a consecutive 30-trading-day period. As of June 24, the date of the NYSE notification, the average closing price of Verso's common stock over the past 30 consecutive trading days was 96 cents per share.
Verso officials said the company intends to regain compliance with the NYSE's continued listing standard by bringing the share price and the average share price of Verso's common stock back to at least $1 by Dec. 24, within the required six-month period after receipt of the NYSE notification.
However, if Verso cannot cure share the share price deficiency by that date, the company intends to conduct a reverse stock split to achieve the $1 share price and average share price, officials said.
In January, Verso announced its completed $1.4 billion purchase of NewPage, a locally based paper producer with about 300 employees in Miami Twp.
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