Verso Achieves Early Compliance with NYSE Continued Listing Standard
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Verso Paper Corp., Memphis, Tenn., USA, reports that the New York Stock Exchange notified the company that it has achieved early compliance with the NYSE's market capitalization continued listing standard. The NYSE requires, among other things, that Verso maintain an average market capitalization over a consecutive 30 trading-day period of at least $50 million.
As of the close of trading this past Monday, June 17, Verso's average market capitalization over the prior 30 consecutive trading days was approximately $133 million. The NYSE stated in the notice that its decision was based on Verso's consistent positive performance with respect to the business plan that it submitted to the NYSE this past January and its achievement of compliance with the NYSE's minimum market capitalization requirement over the past two quarterly review periods.
The NYSE originally had permitted Verso until February 2015 to regain compliance with the market capitalization continued listing standard. As a result of this development, Verso is no longer facing delisting from the NYSE.
Verso Paper Corp. is a producer of coated papers, including coated groundwood and coated freesheet, and specialty products. The company owns three paper mills located in Maine and Michigan.
