AP business writer Madlen Read reports Tuesday that the Big Board is thinking about relaxing its minimum bid rule because so many big companies are trading below $1 a share. "That's something that we're considering, given the market environment," said NYSE Euronext spokesman Raymond Pellechia.
The rule change, which would have to be approved by the SEC, comes too late for three newspaper companies that were de-listed from the Big Board last year: GateHouse Media Inc., Journal Register Co., and Sun-Times Media Group.
Lee and McClatchy were both warned of the de-listing possibility by NYSE Regulation Inc. because their stocks each traded below $1 over 30 consecutive trading sessions. Both have said they would submit plans to get back in compliance.
Tuesday, February 24, 2009
Delisting update: McClatchy might benefit from a change in the rules
Fitz and Jen bring word The New York Stock Exchange is considering some rule changes that might allow McClatchy to remain on the Big Board.