NYSE to Commence Proceedings to Delist Dex One Corporation
NEW YORK – The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) has determined to commence proceedings to delist the Common Stock of Dex One Corporation (the “Company”)--ticker symbol DEXO--from the NYSE. The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation (the “Committee”). If the Company requests a review by the Committee, the NYSE will announce the date of such review. The NYSE will announce the date on which it will suspend trading in the Company’s Common Stock at such time as:
i) the Company does not request a review by the Committee within 10 business days of this notice or the Company informs the NYSE in writing prior to the expiration of that period that it does not intend to appeal the delisting determination;
ii) after reviewing the delisting determination, the Committee determines that the Company should be delisted;
iii) the Company is approved to commence trading in another securities marketplace; or
iv) there are other material developments that make a suspension of trading advisable.
The NYSE’s delisting determination was based on the fact that the Company had fallen below the continued listing standard in Section 802.01B of the Listed Company Manual which requires the Company to maintain an average global market capitalization over a consecutive 30 trading day period of not less than $100,000,000. After its initial notification of the Company of its non-compliance with this continued listing standard, the NYSE accepted a plan from the Company under which the Company proposed to regain compliance with the applicable continued listing standard within the maximum 18-month plan period. However, the Company did not regain compliance with the applicable continued listing standard by the expiration of its 18-month plan period.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of a listed security in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend trading in a security if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
The NYSE will not apply to the Securities and Exchange Commission to delist the Company’s Common Stock until after the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
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