NEW YORK (TheStreet) -- GSE Holding Inc. (GSE) was plummeting 44% to 78 cents on Monday after NYSE Regulations notified the company that it had fallen below compliance with the New York Stock Exchange's continued listing standards.
The company, which manufactures and markets geosynthetic lining products for containment solutions for environmental protection and confinement applications around the world, fell below the criteria established by the NYSE's continued listing standards for two reasons. Firstly, its average global equity market capitalization dropped to less than $50 million on a 30-day trading period. Secondly, the company's stockholders' equity had fallen to less than $50 million in its latest quarterly report, which it filed with the Securities and Exchange Commission on Nov. 10, 2013 for the period that ended on Sept. 30, 2013.
GSE plans to inform the NYSE that it would submit a plan within 45 days of receiving the notice that would illustrate how the company intends to reestablish compliance with 18 months. The NYSE then has 45 days within receipt of that plan to review it and decide if it is reasonable. The NYSE can then either accept the plan, at which point GSE would be subject to monitoring, or refuse the plan, at which point GSE would undergo suspension and de-listing procedures.
As of 2:05 p.m., the stock had hit a one-year low of 72 cents and had a volume of approximately 3.67 million, well above its average volume of 187,862.
TheStreet Ratings team rates GSE Holding as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: