Coal producer Walter Energy (NYSE: WLT) has been notified by the New York Stock Exchange that its common stock does not presently satisfy one of the NYSE’s continued listing standards.
The NYSE requires that the average closing price per share of a listed company’s common stock be at least $1.00 over a consecutive 30 trading-day period. As of March 3, the average closing price per share of the company’s common stock over the preceding 30 trading-day period was $0.99.
Under the NYSE’s rules, Walter Energy has six months to regain compliance with the NYSE’s continued listing standards. The company’s common stock will continue to be listed and traded on the NYSE during this period, subject to the company’s compliance with other continued listing standards. As required by the NYSE’s rules, Walter Energy said March 5 that it plans to notify the NYSE within 10 business days of the receipt of the notice of non-compliance of its intent to cure the deficiency.
The deficiency does not affect the company’s business operations or its Securities and Exchange Commission reporting requirements, and it does not violate any of its credit agreements or other debt obligations.
Walter Energy is a leading, publicly traded “pure-play” metallurgical coal producer for the global steel industry with strategic access to steel producers in Europe, Asia and South America. The company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Its U.S. operations are in southern West Virginia and Alabama, with idled coal mines in western Canada.