ATLANTA–The New York Stock Exchange has sent a notice to Spectrum Brands, parent company of the Remington shaver brand, that the company could lose its stock listing on the exchange for not complying with one of the standards for continued listing.
According to a statement from Spectrum, the NYSE noted that the company was “below criteria” because its average total market capitalization was less than $75 million over a 30-day trading period, and because its stockholders’ equity was less than $75 million. As of Oct. 31, Spectrum’s 30-trading day average market capitalization was about $72.4 million, the company said. Under NYSE rules, Spectrum has 45 calendar days from the receipt of the notice to submit a plan that demonstrates its ability to achieve compliance with the standard within 18 months of the receipt of the notice.
In the Spectrum statement, Kent Hussey, chief executive officer, said the company is “extremely disappointed” in the stock’s performance. Spectrum ended yesterday’s trading at 72 cents per share. The stock has ranged from as high as $5.85 a share last December to as low as 61 cents a share at the end of last week.
Despite the stock’s continual slide, “We do not believe that this notification reflects the performance of our businesses,” Hussey said. He added that Spectrum ended its 2008 fiscal year, which came to a close at the end of September, with about $105 million in cash and $108 million available under its senior subordinated debt agreements.”