Diversified manufacturer TriMas Corp. reported that the New York Stock Exchange (NYSE) said the company no longer meets its listing standards.
According to the Associated Press, Bloomfield, Mich.-based TriMas said over the past 30 trading days that its total market capitalization was less than $75 million, and its most recently reported stockholders’ equity was less than $75 million.
TriMas said it will submit a plan to the NYSE that details how it will comply with the NYSE’s continued listing standards. This plan will detail ways to improve its balance sheet, support business initiatives to improve profitability and generate strong cash flow.
The company services the RV industry through its Cequent Group, comprised of several towing product brands that include Draw-Tite, Reese, Fulton, Wesbar, Bull Dog, Hidden Hitch and Tekonsha.