New York Stock Exchange officials have notified Furniture Brands International that it could be delisted from the exchange if its common stock fails to meet its continued listing criteria over the next six months.
The manufacturer and retailer's common stock price fell below the required $1 for a 30-day consecutive trading period, officials said.
Furniture Brands responded on Dec. 21 that it plans to regain compliance with the NYSE price criteria within the six-month period. This could involve a reverse stock split, a move that would require approval of the company's board and shareholders at its next annual meeting.
In early trading today, the company's stock was up about 5% to $1.01. It has hovered just below $1 since late November.
Furniture Brands can regain compliance with the NYSE listing criteria during the six-month cure period if it has a closing price of at least $1 per share on the last trading day of any calendar month and an average closing price of at least $1 over the 30-trading-day period ending on the last trading day of that month, or on the last day of the six-month period.
The NYSE said the stock will remain listed at during the six-month period.
In a statement, the company said the notification doesn't affect its business operations or its Securities and Exchange Commission reporting requirements. The company said the notification doesn't conflict with any of its credit agreements or debt obligations.
Furniture Brands' key brands include Broyhill, Thomasville, Lane, Drexel Heritage, Henredon and Maitland-Smith.
