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News Breaks
July 1, 2014
17:31 EDTPULSPulse Electronics receives notice of non-compliance from NYSE
Pulse Electronics announced that on June 25, it received notice from the New York Stock Exchange that the company is not in compliance with a NYSE standard for continued listing of its common stock on the exchange. Specifically, the company is below the NYSE minimum requirement for average total market capitalization over 30 consecutive trading days of greater than $50Mn when its last reported shareholders’ equity is less than $50M. Under NYSE rules, the company has 45 days from the date of the notice to demonstrate to the NYSE its ability to achieve compliance with the market capitalization listing standards within nine months of receiving the notice. The company intends to work with the NYSE to evaluate its options for regaining compliance with listing standards. During the nine month cure period, the company's shares will continue to be listed and traded on the NYSE, subject to the company's compliance with other NYSE continued listing standards. The company's business operations, credit agreement, and SECreporting requirements are unaffected by this notice. Additionally, the company affirmed its previous announcement on May 12, that increasing order rates for network and power in the first quarter provide a positive outlook for Pulse in Q2. The company continues to maintain its focus on EBITDA growth and anticipates Q2 EBITDA will be in line with the generally increasing trend of the past two years.
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