Pulse Electronics Corporation (NYSE:PULS), a leading provider of electronic components, today announced that on September 27, 2012, it received notice from the New York Stock Exchange (“NYSE”) that the Company is not in compliance with a NYSE standard for continued listing of its common stock on the exchange. Specifically, the Company is below NYSE minimum requirements for average total market capitalization over 30 consecutive trading days of greater than $50 million and reported shareholders’ equity of greater than $50 million.
Under NYSE rules, the Company has 45 days from the date of the notice to submit a plan to the NYSE demonstrating its ability to achieve compliance with the market capitalization listing standards within 18 months of receiving the notice. The Company intends to submit such a plan and has notified the NYSE that it intends to cure the deficiency within the prescribed timeframe. During this cure period, the Company's shares will continue to be listed and traded on the NYSE, subject to the Company's compliance with other NYSE continued listing standards.
“We believe that recent developments have increased downward pressure on our shares and, as a result, Pulse’s market capitalization,” said Pulse Chairman and Chief Executive Officer Ralph Faison. “We believe that the actions which we are pursuing to address these issues, including asset sales, restructuring the balance sheet, and refinancing alternatives, will be significant components of the plan we submit to the NYSE.”
The Company's business operations, credit agreement, convertible bonds, and Securities and Exchange Commission reporting requirements are unaffected by this notice.Additionally, the Company announced that, based on its recent share price, there can be no assurance that it will continue to remain in compliance with the NYSE minimum share price standard for continued listing. If a deficiency to this standard were to occur, the Company would expect to receive notice from the NYSE, announce such notice publicly as required, and have six months from the date of the notice to cure the deficiency under NYSE rules.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV