Xerium Technologies, Inc. (XRM: Quote), a manufacturer of clothing and roll covers, said Friday that it received notification from the New York Stock Exchange on August 2, stating that it was not in compliance with a NYSE standard for continued listing on the exchange.
The company has been considered below the continued listing criteria by the NYSE because the its average total market capitalization has been less than $50 million over a consecutive 30 trading day period and its most recently reported stockholders' equity was less than $50 million.
Under NYSE rules, Xerium now has 45 days from the date of the notice to submit a plan to the NYSE to demonstrate its ability to achieve compliance with the market capitalization listing standards within 18 months of receiving the notice.
Xerium said that it intends to submit a plan and has notified the NYSE that it intends to cure the deficiency within the prescribed timeframe. However, , the company's shares will continue to be listed and traded on the NYSE during this period, subject to the company's compliance with other NYSE continued listing standards.
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by RTT Staff Writer
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