The New York Stock Exchange Has Threatened WSP Holdings

The New York Stock Exchange has threatened Chinese owned-and-operated pipe manufacturer WSP Holdings with delisting if it doesn't get its average share price above $1 and file an annual report for 2010. The NYSE does not permit companies to allow their share prices to fall below $1 for 30 consecutive days, Steel Business Briefing. As of Friday's closing bell, WSP's share price was $0.52. WSP has six months to bring its share price above $1 for 30 consecutive days, and the company is "considering several options to regain compliance with this standard." WSP is also in violation of not filing a 2010 annual report with the US Securities and Exchange Commission by the June 30 cut-off date. WSP claims it notified the SEC that it wouldn't be able to file its annual report by June 30 "due to its evaluation of bill financing arrangements with commercial banks," though it has since communicated to the SEC that it "is committed to filing (the report) as soon as possible and will continue to actively update the NYSE on these matters." Source: steelbb.com