NASDAQ Panel Grants YRC Worldwide's Request For Continued Listing
OVERLAND PARK, Kan., Oct. 27, 2011 /PRNewswire/ -- YRC Worldwide Inc. (NASDAQ: YRCW) today announced that the company received a positive determination from the NASDAQ Hearings Panel (the "Panel") indicating that the Panel had granted the company's request to remain listed on The NASDAQ Stock Market ("NASDAQ"). In its decision, the Panel indicated that it had determined to exercise its discretionary authority to apply NASDAQ's financial viability exception retroactively to the company based upon the particular facts and circumstances and to continue the company's listing on NASDAQ, subject to certain conditions. In accordance with the terms of the Panel's decision, on or before December 31, 2011, the company must implement a reverse stock split and demonstrate a closing bid price for its common stock above $1.00 per share for a minimum of ten consecutive trading days. The company must also be able to demonstrate compliance with all requirements for continued listing on NASDAQ. The company is seeking stockholder approval of a reverse stock split at its annual meeting of stockholders scheduled to be held November 30, 2011, with the ratio and timing of implementation of the reverse stock split at the discretion of the company's board of directors if the reverse stock split is approved by stockholders.