January 16, 2019
The New York Stock Exchange (NYSE) informed retail chain Pier 1 Imports that it is no longer in compliance with the exchange’s listing criteria. Listed companies must maintain an average closing share price of at least $1 over a 30-day consecutive trading period. The Fort Worth-headquartered retailer’s stock price traded below $1 for 30 days, triggering a six-month period during which the company must fix issues resulting in the stock price.
Pier 1, which operates 987 stores nationwide, has two weeks to inform the NYSE how it will get its price back into compliance. According to a company release, Pier 1 will notify the NYSE within 10 business days as to how it will overcome the deficiency. One such measure could include a reverse-stock split of Pier 1 common stock, subject to shareholder approval.
The NYSE notification will not impact Pier 1’s business operations or Security and Exchange Commission reporting requirements, the release added.
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