Verso Regains Compliance with NYSE Share Price Continued Listing Standard

Verso Paper Corp., Memphis, Tenn., USA, this week reported that it has regained compliance with the New York Stock Exchange's share price continued listing standard. In a recent letter, the NYSE notified Verso that it had satisfied the NYSE's standard by virtue of the fact that as of Jan. 31, 2014, both the closing share price of Verso's common stock and its average closing share price over the preceding 30 consecutive trading days were in excess of the $1.00 minimum threshold required by the NYSE. 

 

On January 31, Verso's closing share price was $3.00 and its average closing share price was $2.25. As a result of this occurrence, Verso's common stock will continue to be traded on the NYSE, subject to ongoing monitoring by the NYSE and Verso's compliance with all other applicable NYSE requirements.

 

Separately, and as previously disclosed, Verso remains subject to potential delisting based on its prior noncompliance with the NYSE's continued listing standard requiring a consecutive 30 trading-day average market capitalization or stockholders' equity of at least $50 million. As permitted by the NYSE's rules, Verso has submitted to the NYSE a plan to regain compliance with the market capitalization standard, and a decision by the NYSE on whether to accept the plan is anticipated shortly. If Verso's compliance plan is accepted, the NYSE will allow the company a period of up to 18 months, measured from Aug. 21, 2013, the date on which Verso first fell below compliance with the standard, in which to regain compliance. As of the close of trading on this past February 7, Verso's average market capitalization was approximately $140 million.

 

Verso is a producer of coated papers, including coated groundwood and coated freesheet, and specialty paper products. Its 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.