U.S. Concrete (RMIX)
Closing price: 42 cents (April 7)
Revenue: $534.4 million (trailing 12 months)Received Nasdaq notice: March 8, 2010 Management's expected action: U.S. Concrete did not specify any actions it intends to take should it not regain compliance with the minimum bid price requirement by Sept. 7, although the company did note that it may appeal the delisting determination to a hearings panel and that it may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price. However, on March 10, U.S. Concrete reported a wider-than-expected fourth-quarter loss, and that the impact of unusually severe winter weather has placed significant stress on its liquidity position. Absent a successful restructuring, "there is substantial doubt about our ability to continue to operate as a going concern," U.S. Concrete said. On March 25, the company said it obtained $18.5 million in additional short-term liquidity by through an amendment to a senior credit facility. U.S. Concrete also said it received a commitment for financing in the event its previously-announced restructuring is implemented through an in-court process.
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