American Axle & Manufacturing (AAM) has been told by the New York Stock Exchange that it has regained compliance with NYSE’s continued listing standards. The company also said that the recent production shutdowns by GM and Chrysler could hit sales by hundreds of millions of dollars.
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AAM was notified by NYSE in February that it had fallen below NYSE’s continued listing standard related to its total market capitalisation and stockholders’ equity.
However in a statement today, the US automotive components company said: “The NYSE received approval from the Securities and Exchange Commission (SEC) for a pilot programme, effective retroactively to May 12, 2009, that lowers the continued listing thresholds related to average market capitalisation and stockholders’ equity to US$50 million.”
As of 12 May 2009, AAM’s 30-day average market capitalization was $83m.
Meanwhile in a filing to the SEC, the company said that the impact of GM and Chrysler’s extended production shutdowns could reduce the company’s sales by approximately $300m and will adversely impact operating results by approximately $90m-$95m during the second and third quarters of 2009.
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