JOHANNESBURG (miningweekly.com) – Harmony Gold’s American depositary receipt (ADR) trading price on the NYSE has lifted above the noncompliance threshold.
In September, the company’s ADR price had continually traded below the bourse's continued listing standard, which required a minimum average closing price of no less than $1 per ADR over 30 consecutive trading days, triggering a NYSE notification setting out that Harmony would have to regain compliance within six months.
Harmony’s ADR now complied with the NYSE’s continued listing standard by achieving a minimum closing price of $1 on January 29 and a minimum average over 30 consecutive trading days, a month before the deadline.
Harmony had previously said it would consider available alternatives – such as changing the ratio between the ADRs and the underlying ordinary shares – to cure the share price deficiency and return to compliance with the listing standard.
Harmony’s share price on the JSE rose nearly 1% by 15:00 on Tuesday.