McEwen share price falls below NYSE requirements
Gold miner McEwen Mining reports that its share price has fallen below what is required by the NYSE continued listing requirements.
The NYSE requires that the average closing price of a listed company's common stock be above $1 apiece, calculated over a period of 30 consecutive trading days.
The company was notified by the NYSE on January 5 that the average price of its common stock for the previous 30 trading days was below this.
McEwen says it intends to take steps to regain compliance with the NYSE continued listing requirements.
Under NYSE rules, the company has six months to bring its share price and 30-day average closing share price back above $1.
During this period, the company’s common stock will continue to trade on the NYSE, subject to all other continued listing requirements.
At the end of the six-month remedy period, if the share price has not recovered, its stock will be subject to NYSE suspension and delisting procedures.
McEwen’s listing on the TSX is unaffected by any actions of the NYSE.
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