N.R. re NYSE listing USEC Receives Continued Listing Standards Notice from the New York Stock Exchange
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BETHESDA, Md. (Business Wire) -- USEC Inc. (NYSE:USU) today announced that it has received a continued listing standards notice from the New York Stock Exchange (NYSE) because the price of its common stock has fallen below the NYSE's minimum share price rule. The NYSE requires the average closing price of a listed company's common stock to be at least $1.00 per share over a consecutive 30 trading-day period.
The Company's common stock continues to trade on the NYSE. Subject to NYSE rules, the Company has six months from receipt of the notice to regain compliance with the NYSE's price criteria (or by no later than the Company's next annual meeting of shareholders if shareholder approval is required, as would be the case to effectuate a reverse stock split to cure the deficiency). The Company is currently in compliance with all other NYSE listing rules.
USEC can regain compliance at any time during the six-month cure period if on the last trading day of a calendar month during the cure period, the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading-day of that month or on the last day of the cure period. The Company is evaluating its options to cure the price deficiency, including a reverse stock split, which would require shareholder approval at or prior to the Company's next annual meeting of shareholders.
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel and nuclear industry related services for commercial nuclear power plants.