Verso Corp., Memphis, Tenn., USA, reports that the New York Stock Exchange has notified the company that it has fallen below the NYSE's continued listing standard requiring that the average share price of Verso's common stock be at least $1.00 over a consecutive 30-trading-day period. As of June 24, the date of the NYSE notification, the average closing price of Verso's common stock over the past 30 consecutive trading days was $0.96 per share.

Verso intends to regain compliance with the NYSE's continued listing standard by bringing the share price and the average share price of Verso's common stock back to at least $1.00 within the required period of six months after receipt of the NYSE notification, i.e., by December 24, 2015. However, if Verso cannot cure the share price deficiency by such date, Verso intends to conduct a reverse stock split to facilitate achieving the $1.00 share price and average share price. In such case, as permitted by the NYSE's rules, Verso would solicit stockholder approval of an appropriate amendment of its certificate of incorporation at its next annual stockholders meeting to be held in May 2016 and would effect the reverse stock split promptly thereafter. 

Verso Corp. is a producer of printing papers, specialty papers, and pulp. Its printing papers are used primarily in commercial printing, media, and marketing applications, including magazines, catalogs, books, direct mail, corporate collateral, and retail inserts. The company’s specialty papers are used primarily in label and converting, flexible packaging, and technical paper applications. Verso operates eight mills strategically located in Kentucky, Maine, Maryland, Michigan, Minnesota, and Wisconsin, with a total annual production capacity of approximately 3.6 million tons.