Dan River's business plan gets go ahead
March 14, 2002-- Home Textiles Today,
Danville, VA — The New York Stock Exchange has given Dan River a green light, assuring its continued listing on the Big Board, by approving a business plan that gives the company time to get its stock price up and into compliance with exchange regulations.
Dan River was threatened with de-listing when its stock price fell beneath $1 a share over a 30-day period, generating a market capitalization — the value of all the outstanding shares — beneath the required level of $15 million.
To hold on to its listing, Dan River submitted a plan outlining compliance with stock exchange requirements within 18 months. Dan River stock must trade for more than $1.00 a share for more than 30 straight days, and the company must meet this requirement by late June 2002 to hold onto its listing.
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