The NYSE received approval from the Securities and Exchange Commission (SEC) to amend the NYSE's continued listing standard applicable to average market capitalization and shareholders equity through October 31, 2009. The average market capitalization requirement has been lowered from no less than $75 million over a 30-trading-day period to no less than $50 million over a 30-trading-day period and the stockholders' equity requirement has been lowered from no less than $75 million to no less than $50 million.
As a result of these changes, McClatchy is now considered in compliance under the NYSE's amended continued listing standard for market capitalization and stockholders' equity.
McClatchy previously announced in February 2009 that it had been notified by the NYSE that it was not in compliance with the NYSE's continued listing standard for the average price per share of the company's Class A publicly traded common shares of less than $1.00 over a consecutive 30-trading-day period. Subsequently, the NYSE announced that this standard was temporarily suspended through June 30, 2009. As a result, McClatchy currently has until December 7, 2009, to bring the company into compliance with this listing standard.
The market cap requirement is just one hurdle for McClatchy to worry about -- the other hurdle is the company must get its share price above $1 a share for 30 consecutive days. If I understand it correctly, the company has 6 months from when the NYSE notified it of the deficiency (notice received by MNI on February 4, 2009) to get into compliance.