DAYTON, Ohio (AP) -- Standard Register Co. said Monday that the New York Stock Exchange has accepted its plan for continued listing on the exchange.
The Dayton, Ohio-based business document company said in April that its market capitalization had fallen to less than $50 million over a 30 trading-day period and its shareowner's equity was less than $50 million.
Shares of Standard Register have posted steady declines for more than a decade, dramatically reducing the company's market capitalization. At the end of Friday's trading session, the company had a market capitalization of just $14.6 million.
Over the past 10 years, the shares have lost about 99 percent of their value and since the beginning of this year the shares have dropped about 79 percent.
Under NYSE rules, Standard Register had 45 days to submit a plan for how it will come back into compliance with stock exchange standards within 18 months.
Standard Register said Monday that its confidential plan, which is already being put into place, addresses its efforts to focus its resources on its growing solutions business and cut costs to offset falling revenue at other operations.
The company plans to report its second-quarter results in late July.
Standard Register shares rose 2 cents, or 4.9 percent, to 52 cents per share in afternoon trading Monday.
