WestPoint submits business plan to NYSE
December 17, 2002-- Home Textiles Today,
West Point, GA — Responding to the New York Stock Exchange's notice that the company has fallen below the continued listing criteria, WestPoint Stevens has submitted a plan designed to demonstrate its ability to achieve compliance.
According to the NYSE notice, the company has fallen below the criteria related to average market capitalization and stockholders' equity. The company's share price has also fallen below the minimum share value requirement for NYSE listing, which requires an average closing price of not less than $1 over a consecutive 30-day period.
Under NYSE rules, the NYSE Listings and Compliance Committee may grant a period of up to 18 months, ending in April 2004, during which the company would need to meet the requirements. WestPoint has formally requested that this time period be granted, and the NYSE has up to 45 days to review its plan.