Verso Paper Corp., a Memphis, TN-based producer of coated papers and specialty products, announced that the New York Stock Exchange (NYSE) has notified Verso the company has achieved early compliance with the NYSE's market capitalization continued listing standard.
The NYSE requires, among other things, that Verso maintain an average market capitalization over a consecutive 30 trading-day period of at least $50 million. Verso's average market capitalization over 30 consecutive trading days was approximately $133 million. The NYSE stated in the notice that its decision was based on Verso's consistent positive performance with respect to the business plan that it submitted to the NYSE in January 2014 and its achievement of compliance with the NYSE's minimum market capitalization requirement over the past two quarterly review periods.
The NYSE originally had permitted Verso until February 2015 in which to regain compliance with the market capitalization continued listing standard. As a result of this development, Verso is no longer facing delisting from the NYSE.