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Quiksilver stock closes under $1
November 20, 2008 01:06 PM
Overall stock prices were battered again today, and Quiksilver stock closed at 88 cents.
I thought it would be good to review some information I included in a story about Quiksilver's low stock price two weeks ago explaining what happens to a stock that trades under $1.
The New York Stock Exchange requires companies to maintain an average closing price over 30 days of at least $1. If a company receives a non-compliance notice from New York Stock Exchange, it has six months to take action before the stock could be suspended from trading or delisted.
Interestingly, the Nasdaq announced about three weeks ago that it was temporarily suspending its $1 rule for three months because of market turmoil.
Quiksilver previously announced it is reviewing its strategic options and looking for investors.
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