Excel Maritime Carriers Ltd. (EXM) said Friday that it received notice from the New York Stock Exchange, dated June 21, that the company was no longer in compliance with the continued listing standards of the NYSE, since the average closing price of its common stock was less than $1.00 per share over a consecutive 30 trading-day period.
The company now has a six-month cure period following the receipt notice to bring its share price and average share price above $1.00. During this time, the Company's common stock will continue to be listed and trade on the NYSE.
Excel Maritime said that it will continue to monitor the situation and added that it intends to cure this deficiency in accordance with the NYSE rules.
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