NYSE to review removal of Verso stock
The New York Stock Exchange has begun a review of Verso Paper Corp. (VRS) after determining that the company’s common stock should not be listed for trading.
The NYSE issued the decision late last month and has begun a review of Verso at the company’s request, according to a press release. The Ellsworth American reported company officials declined to confirm or deny that the company requested the review.
The NYSE announced it would begin the process to delist Verso’s stock in June after the company did not meet market capitalization standards for the exchange. Those standards require a listed company to retain an average market capitalization of $75 million or above over a 30-day period. The NYSE said the company had crafted an 18-month plan to restore its market capitalization to that level but was unsuccessful.
The company, which has mills in Bucksport, Jay and Quinnesec, Mich., told the paper its stock would continue to trade during the NYSE review process, scheduled for Sept. 10. An NYSE committee will make a decision about the company’s listing following that review.
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