Nortal has received notification from the New York Stock Exchange that their stock has fallen below the NYSE standard.
Nortel fails to mee the criteria for NYSE common stock as a result of Nortel’s common shares having an average closing price of less than US$1.00 per share during the consecutive 30 trading days ended December 9, 2008.
Under the NYSE’s rules, the company has six months from the date of the notice to bring its average common share price back above US$1.00.
During the interim, Nortel’s common stock will remain listed on the NYSE, subject to compliance with other applicable NYSE continued listing requirements.
Nortel will notify the NYSE within the required ten business day period that it intends to cure the deficiency.
If the average closing price does not sufficiently improve, Nortel may consider presenting a proposal to its shareholders for a consolidation of its outstanding common shares at its annual meeting planned for spring 2009.
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