tony27719, will not be delisted yet. The company can appeal and get another six month extension or more, no biggie. This happens all the time. This is already factored in the share price. The press release is good news here. The Dolan Company Appoints Chief Restructuring Officer.
The Dolan Company Appoints Chief Restructuring Officer, Receives Continued Listing Standards Notice from the NYSE
The Dolan Company (DM) announced today that it has appointed Kevin Nystrom, managing director of Zolfo Cooper, as its chief restructuring officer.
Nystrom will report to the company’s board of directors and will have oversight responsibility for the company’s operations and finances. As part of these responsibilities, he will be actively engaged with the company’s senior lenders, including Bayside Capital, which now holds participation interests covering a majority of the indebtedness outstanding under the company’s senior credit facility.
“We are pleased to be adding such an experienced and capable professional to our team,” said James P. Dolan, chairman, chief executive officer and president. “Kevin will play a very important role in our efforts to stabilize our finances and strengthen our businesses. I look forward to working closely with him as we move forward.”
The Dolan Company also said that it received a continued listing standards notice from the New York Stock Exchange (“NYSE”) because the price of its common stock has fallen below the exchange’s minimum share price rule. The NYSE requires the average closing price of a listed security to be at least $1.00 per share over a consecutive 30 trading-day period.