RV maker Monaco Coach Corporation (MNC: NYSE) announced today that it received a letter from the New York Stock Exchange (NYSE) on January 6 advising that it was no longer in compliance with the exchange’s standard requirements for a common stock. Under NYSE rules, a common stock must maintain an average closing price above one dollar per share for 30 consecutive trading days.
The company has ten business days from the date of the letter to notify the NYSE of its intent to cure the deficiency. They also have six months from the date of the notice to cure the average price deficiency. If Monaco doesn’t cure the deficiency within the time allotted, its common stock would be subject to delisting by the NYSE.
Earlier this month the NYSE delisted Fleetwood Enterprises because their stock price had dropped below the minimum required for listing on the exchange.
In addition to problems with their average closing price, Monaco Coach was also notified by the NYSE that their average market capitalization over a recent 30 trading day period had dropped below the NYSE minimum quantitative continued listing criteria of $25 million. Normally, this would be grounds for immediate suspension and delisting. However, the NYSE advised the company that it is continuing to assess its listing status with regards to this deficiency.
Monaco Coach is based in Coburg, Oregon and maintains manufacturing plants in Oregon and Indiana. They are best known for their luxury motorhomes.
The company’s common stock had traded for more than $30 per share in 2004 but, like other RV manufacturers has been especially hard hit by the declining economy and difficulty obtaining credit. Their common stock closed January 11 at $0.63 per share.
