Express was threatened with being delisted from the New York Stock Exchange.
The clothing retailer failed to meet share price requirements for continuing to be traded on the exchange.
- The
New York Stock Exchange notified Express on Tuesday that it was
delisted for failing to sustain an average share price of at least $1.00
over a 30-day trading period.
- The company will have six months
to return to compliance with the share price criteria and will inform
the NYSE of its intention to do so.
- Express may conduct a reverse stock split to raise its share price and regain compliance with NYSE criteria.
- The
company’s net sales were down 14% in Q4, while it reported an operating
loss of $39.3M compared to an operating income of $10.3M at the same
time last year.
