The New York Stock Exchange suspended trading in Verso Paper Corp.’s stock after the share price dropped to 15 cents, the company announced Monday.
Verso stock began to trade in over-the-counter markets starting Monday.
The NYSE determined that a trading price of 15 cents or less per share is “abnormally low” and is cause for suspension of trading and delisting, according to the press release from Verso.
Verso closed its Bucksport plant in late 2014. In August, Verso announced it would be laying off 300 workers at its Androscoggin Mill in Jay and 310 workers at its mill in Wickliffe, Ky.
The company said the stock exchange wouldn’t consider the listing compliance plan that it submitted to the NYSE or be allowed to achieve future compliance with the NYSE’s continued listing standard. That standard requires that the average share price of Verso’s common stock be at least $1.00 over a consecutive 30-trading-day period.
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