The New York Stock Exchange has accepted Dana Holding’s plan for continued listing on the exchange.
Consequently, Dana’s common stock will continue to be listed on the NYSE, subject to quarterly reviews by the exchange’s listings and compliance committee to ensure progress against the plan.
Dana said on 19 December it had been informed by the NYSE that it had fallen below the exchange’s continued listing standard of maintaining both an average closing price of at least US$1 per share and average market capitalisation of at least $100m for a consecutive 30-day trading period.
The NYSE will conduct its reviews over an 18-month period, which began on 18 December. Dana must achieve a global market capitalisation of $100m over a consecutive 30-day trading period at the completion of the 18-month plan period, or over two consecutive quarterly monitoring periods.
Regarding the $1 per share requirement, on 5 February the NYSE announced a temporary suspension of its share-price standard until 30 June. Dana has until October 2009 to cure its share price non-compliance.