Verso Paper Corp. (NYSE:VRS) announced today that the New York Stock
Exchange has notified Verso that it has fallen below the NYSE’s
continued listing standard requiring that the average closing price of
Verso’s common stock be at least $1.00 over a consecutive 30 trading-day
period. As of August 14, 2013, the date of the NYSE notice, the average
closing price of Verso’s common stock over the past 30 trading days was
$0.97 per share.
To maintain its NYSE listing, Verso has until February 14, 2014, which
is six months from the date of the NYSE notice, to bring the closing
share price and the average closing share price of its common stock back
above $1.00. Verso has notified the NYSE that it intends to cure the
share price deficiency. During the cure period, Verso’s common stock
will continue to be traded on the NYSE, subject to Verso’s compliance
with other NYSE continued listing requirements.
Separately, and as previously disclosed, Verso has appealed the NYSE
staff’s determination to delist Verso’s common stock due to Verso’s
failure to satisfy the NYSE’s continued listing standard requiring that
Verso have an average market capitalization of at least $75 million over
a consecutive 30 trading-day period. The review committee of the NYSE’s
board of directors currently is scheduled to hear Verso’s appeal on
September 10, 2013.
About Verso
Based in Memphis, Tennessee, Verso Paper Corp. is a leading North
American producer of coated papers, including coated groundwood and
coated freesheet, and specialty paper products. Verso’s paper products
are used primarily in media and marketing applications, including
magazines, catalogs and commercial printing applications such as
high-end advertising brochures, annual reports and direct-mail
advertising. Additional information about Verso is available on its
website at www.versopaper.com.
Forward-Looking Statements
In this press release, all statements that are not purely historical
facts are forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements may be identified by the words
“believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,”
“intend,” and other similar expressions. Forward-looking statements are
based on currently available business, economic, financial, and other
information and reflect management’s current beliefs, expectations, and
views with respect to future developments and their potential effects on
Verso. Actual results could vary materially depending on risks and
uncertainties that may affect Verso and its business. For a discussion
of such risks and uncertainties, please refer to Verso’s filings with
the Securities and Exchange Commission. Verso assumes no obligation to
update any forward-looking statement made in this press release to
reflect subsequent events or circumstances or actual outcomes.
Copyright Business Wire 2013