Just as FairPoint tries to right its ship into less choppy waters, the New York Stock Exchange (NYSE) has notified the troubled ILEC that it's not in compliance with its continued listing standards, because the average closing price of the company's common stock has been below $1.00 for 30 consecutive trading days.
Right now, FairPoint's common stock is listed on the NYSE under the "FRP.BC" symbol because it has failed to comply with NYSE market capitalization standards. However, if FairPoint were able to able to make necessary changes to satisfy NYSE's listing standards, the ".BC" indicator would be removed from its listing.
The NYSE notification should not come as a surprise. Ongoing efforts to rectify issues with its New England telephone lines have come at a hefty price of fines from the Maine, New Hampshire and Vermont Public Utility Commissions and growing debt. FairPoint said in August it would give the NYSE a plan to realign its capital structure, but to date there have not been any details on how that plan has progressed.
- see the release here
FairPoint reworks its capital structure
FairPoint's ongoing troubles reflected in second-quarter loss