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Verso Paper Corp. (NYSE:VRS) announced today that the New York Stock Exchange has accepted the company’s plan for continued listing on the NYSE. As a result, Verso’s common stock will continue to be listed on the NYSE, subject to quarterly reviews by the NYSE to monitor the company’s progress against the plan.
The NYSE earlier notified Verso on December 21, 2011, that the company had fallen below the NYSE’s continued listing standard requiring that it maintain an average market capitalization of at least $75 million over a consecutive 30 trading-day period. With the NYSE’s acceptance of the plan, Verso has 18 months from the original notification date in which to comply with the average market capitalization standard, subject to its compliance with the NYSE’s other continued listing requirements.
Verso will continue to work proactively with the NYSE to maintain the listing of its common stock during the compliance period. “The NYSE’s acceptance of our plan reaffirms our belief that Verso's strategic direction and fundamental operating principles are sound. We look forward to executing our business plan and increasing our share price and market capitalization,” commented Mike Jackson, Verso’s President and Chief Executive Officer.
Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and specialty products. Verso’s 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. Additional information about Verso is available on the Company’s website at
www.versopaper.com. References to “Verso” or the “Company” mean Verso Paper Corp. and its consolidated subsidiaries unless otherwise expressly noted.
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “intend” and similar expressions. Specifically, all statements herein relating to Verso’s future compliance with the NYSE’s market capitalization standard and to the company’s future performance are forward-looking statements. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management’s current beliefs, expectations and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. For a discussion of such risks and uncertainties, please refer to Verso’s filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.