Arch Coal (NYSE: ACI), one of the nation’s largest coal producers, announced May 22 that it received notice the prior day from the New York Stock Exchange that it does not presently satisfy the NYSE’s continued listing standard requiring the average closing price of a listed company’s common stock to be at least $1.00 per share for any period of 30 consecutive trading days.
As of May 15, the average closing price per share of the company’s common stock over the preceding 30 trading-day period was $0.99.
In accordance with NYSE rules, Arch will respond to the NYSE within 10 business days of receipt of the notification with its intent to resolve the deficiency. It has six months to regain compliance with the NYSE continued listing requirements and will actively monitor its stock price and evaluate all available options in order to regain compliance within the prescribed timeframe.
During the six-month period the company’s common stock will continue to be listed and traded on the NYSE, subject to compliance with other continued listing standards. The deficiency does not affect the company’s ongoing business operations or its SEC reporting requirements.
St. Louis-based Arch Coal is one of the world’s top coal producers for the global steel and power generation industries, serving customers on five continents. Its network of mining complexes is the most diversified in the United States, spanning every major coal basin in the nation. The company controls more than 5 billion tons of high-quality metallurgical and thermal coal reserves, with access to all major railroads, inland waterways and a growing number of seaborne trade channels. Its major operations include the massive Black Thunder surface mine in the Wyoming end of the Powder River Basin.