NYSE Notifies National RV of Noncompliance
National RV Holdings Inc. announced late Wednesday (Sept. 26) of notification on Sept. 20 by the NYSE Arca Inc. that the company has fallen below the continued listing standard for minimum share price and the minimum market value.
Shares of the Perris, Calif.-based firm, parent to motorhome builder National RV Inc., closed Wednesday at 49 cents per share.
NYSE Arca standards require that a listed company’s common stock trade at a minimum average closing share price of $1 and the market value remain above $5 million for a consecutive 30-day trading period. The NYSE Arca has also presented to the Securities and Exchange Commission (SEC) for approval a rule proposal to increase the market value standard to $15 million.
In a statement, National RV Holdings said it will present materials for review by NYSE Arca in early October, demonstrating how it intends to remedy the listing deficiencies. If the materials are accepted, the company will have up to six months to comply with the minimum price requirement.
“National RV Holdings Inc. has been listed on the New York or affiliated Stock Exchanges for nearly nine years,” said National RV Holdings CEO Dave Humphreys. “We are committed to remaining a NYSE-listed company and to offer our stockholders a liquid market for their holdings.”