New York Stock Exchange Commences Suspension Procedures for C&D Technologies
C&D Technologies, Inc. announced that the New York Stock Exchange has commenced suspension procedures for the company.
The New York Stock Exchange in its October 4, 2010 press release stated, "The decision to suspend the company’s common stock was reached in view of the fact that the company has fallen below the New York Stock Exchange’s ("NYSE") continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of less than $15 million, which is a minimum threshold for listing."
The New York Stock Exchange press release also stated, "The company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision."
C&D Technologies plans to appeal the determination. The company is also moving forward on a plan, announced on September 14, 2010, to launch an out-of-court exchange offer for its outstanding convertible notes and to simultaneously seek support for a voluntary prepackaged plan of reorganization as a back-up alternative. The plan, agreed to by a majority of the company’s noteholders, is also discussed in the company’s Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2010, filed with the Securities and Exchange Commission on September 14, 2010.