Accuride Corp. has been notified by the New York Stock Exchange that it was not in compliance with NYSE’s continued listing standard, according to the commercial component supplier.
The standard requires listed-company common stock to maintain an average closing price of not less than $1 per share over a period of 30 consecutive trading days.
Accuride’s stock closed at 96.2 cents per share Jan. 15 and has remained below the listing threshold since then, according to Yahoo Finance.
In a statement, the Evansville, Indiana-based company said it is “exploring alternatives for curing this deficiency and restoring compliance ... The notice does not affect the company’s normal business operations or the listing of the company’s common stock, which will continue to trade on the NYSE under the symbol ACW.”
The company said it has six months from receipt of the notification, plus a possible extension, to lift its share price and regain compliance or be subject to suspension and delisting by the NYSE.
"Having completed a concentrated period of capital investment needed to fix the business, we continue to expect to report strong cash flow and demonstrate a solid liquidity position," CEO Rick Dauch said in an earlier statement in February. "We also expanded our footprint beyond North America in 2015 by acquiring a majority stake in [steel wheel manufacturer] Gianetti Ruote, located in Italy. This strategic move leverages our current customer base and allows us to develop new international relationships leading to growth and increased end-market diversification.”
