On May 18, Lee Enterprises said it received a letter from the New
York Stock Exchange indicating that Lee isn’t compliant with these listing
standards: Issuers maintain an average closing share price over a 30
trading-day period of at least $1.00; and issuers maintain average global market
capitalization over a consecutive 30 trading-day period of at least $50 million
and, at the same time, its shareholders’ equity must exceed $50 million.
Lee said it
plans to notify the NYSE of its intent to return to compliance within the cure
period, six months from July 1 on the first standard and 18 months from July 1
on the second.
Failure to
satisfy the conditions of the cure period could lead to a delisting.
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