Daily News Archive
Brought to you by Home Furnishings Business
FBI Receives Notice On NYSE Listing Standard
December 26,
2012 by in UnCategorized 
By Home Furnishings Business in Financial Reports on December 27, 2012
Furniture Brands International (NYSE: FBN) last week received a continued listing standards notice from the New York Stock Exchange because the price of its common stock fell below the NYSEs minimum share price rule.
The NYSE requires the average closing price of a listed companys common stock to be at least $1.00 per share over a consecutive 30 trading-day period.
Subject to NYSE rules, the company has six months from receipt of the notice to regain compliance with the NYSEs price criteria (or by no later than the companys next annual meeting of shareholders if shareholder approval is required, as would be the case to effectuate a reverse stock split).
FBI can regain compliance at any time during the six-month cure period if on the last trading day of a calendar month during the cure period, the company has a closing share price of at least $1 and an average closing share price of at least $1 over the 30 trading-day period ending on the last trading-day of that month or on the last day of the cure period.
The NYSE notification does not affect the companys business operations or its Securities and Exchange Commission reporting requirements, and does not conflict with any of the Companys credit agreements or other debt obligations.
The companys common stock continues to trade on the NYSE, and the company is currently in compliance with all other NYSE listing rules. FBI expects to notify the NYSE of its intention to regain compliance with the NYSEs price criteria, including by effecting a reverse stock split if necessary. Any reverse stock split would be subject to the approval of the companys Board of Directors and shareholders.