USEC Inc. (USU) was notified yesterday by the New York Stock Exchange (NYSE) that the company has regained compliance with the NYSE’s minimum share price standard for the continued listing of its stock.
In May 2012, the NYSE notified the company that it was not in compliance with the NYSE’s continued listing standard when the average closing price of its common stock had been below $1.00 for the prior 30 trading days. On June 27, 2013, the stockholders of USEC Inc. approved a reverse stock split, implemented on July 1, which resulted in the common stock trading above $1.00 for 30 consecutive trading days.
Separately, on August 1, 2013, the NYSE accepted USEC’s plan to regain compliance with the NYSE’s minimum market capitalization and stockholders’ equity requirement over an 18-month period. At yesterday’s closing price, USEC’s average market capitalization was above the minimum of $50 million for the prior 30 trading-day period. If the company is able to demonstrate returning to compliance for a period of two consecutive quarters, the NYSE may deem the plan period over prior to the end of the 18-month plan period. USEC remains subject to continued periodic review by the NYSE of its progress with respect to its plan, including USEC’s achievement of quarterly financial and operational initiatives, and subject to compliance with the other NYSE continued listing standards.
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.