Virgin Mobile USA falls into non-compliance on NYSE, plans to get back on track
Virgin Mobile USA was one of the few outfits out there who managed to post a Q3 net profit, but even that couldn't help it avoid the unfortunate delivery of a non-compliance letter from the New York Stock Exchange. Just a few days before it slashed ten percent of its workforce, the company was notified by the NYSE that it was "not in compliance with certain listing criteria." More specifically, it's considered "below the applicable standards because the average market capitalization of its Class A common stock and substantial equivalents, over a period of 30 trading days, is less than $100 million." Now, it has 45 days to respond with a business plan that demonstrates its ability to get back into compliance within 18 months. Virgin Mobile USA has already texted (at least that's what we heard) the bigwigs on Wall Street with a confirmation that it would be working to get back on track, but even the best intentions fall through sometimes. Godspeed, VM.
[Via mocoNews]
