Two Firms May Lose Stock Listing | March 2, 2009 Issue - Vol. 87 Issue 9 | Chemical & Engineering News
Volume 87 Issue 9 | p. 22 | Concentrates
Issue Date: March 2, 2009

Two Firms May Lose Stock Listing

Department: Business

The economic slowdown has hit the stocks of Chemtura and Georgia Gulf hard. The New York Stock Exchange has notified both firms that they have run afoul of listing standards and that they must correct the situation or their shares will no longer be traded on the exchange. Chemtura violated a rule that requires its shares to trade at a minimum average price of $1.00 for 30 consecutive days. The firm, which has shares now trading at about 55 cents, has six months to get above the minimum. Georgia Gulf violated a rule that requires its market capitalization—the value of all shares outstanding—be $75 million or more. Now capitalized at about $29 million, the company has 18 months to bring its capitalization above the minimum.

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