Arch Coal (NYSE: ACI) on Dec. 10 announced that it has been notified by the New York Stock Exchange Regulation Inc. that it is not in compliance with the exchange’s continued listing standards.
Arch Coal’s average equity market capitalization has been less than $50 million over a consecutive 30 trading-day period, and because its stockholders’ equity was below $50 million in its most recent Form 10-Q filed with the Securities and Exchange Commission on Nov. 11 for the period ended Sept. 30, 2015.
Arch Coal has 10 business days to submit a letter to the NYSE confirming whether it will submit a plan that demonstrates its ability to regain compliance within 18 months. Upon submission of such a letter, Arch would then submit a plan within 45 days of the receipt of the notice. Upon receipt of the plan, the NYSE would have 45 calendar days to review and determine whether Arch Coal has made reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period.
The NYSE will either accept the plan, at which time Arch Coal would be subject to ongoing monitoring for compliance with the plan, or the NYSE will not accept the plan and Arch Coal would be subject to suspension and delisting proceedings. During the 18-month cure period, Arch Coal shares would continue to be listed and traded on the NYSE, subject to its continued compliance with other NYSE continued listing standards.
Arch said it can provide no assurances that it will be able to satisfy any of the steps outlined above and maintain a listing of its shares. The notice of non-compliance does not affect Arch’s ongoing business operations, and does not trigger any violation of any of the company’s credit agreements or other debt obligations. Arch Coal will continue to file periodic and certain other reports with the SEC under applicable federal securities laws.
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. Its operations include the big Black Thunder mine in the Powder River Basin of Wyoming.