TROY, Mich. — ArvinMeritor was notified March 17 by the New York Stock Exchange (NYSE) that it has fallen below the NYSE’s continued listing standard related to total market capitalization and stockholders’ equity. The NYSE requires that the average market capitalization of a listed company not be less than $75 million over a consecutive 30 trading-day period, when, at the same time, stockholders’ equity is less than $75 million.
On March 20, the company notified the NYSE of its intent to cure this deficiency and to submit a plan to the NYSE, within the required 45 day period, to demonstrate its ability to achieve compliance with the continued listing standards. Under NYSE rules, if the NYSE accepts ArvinMeritor’s plan, the company has 18 months from the date of the NYSE notice to cure this deficiency before the NYSE initiates suspension and delisting procedures. If the company is not compliant by that date, its common stock will be subject to suspension and delisting by the NYSE.
Under the NYSE rules, ArvinMeritor’s common stock will continue to be listed on the NYSE during the cure period, subject to compliance with other NYSE continued listing requirements.
