NYSE: Aventine falls below standard stock price
January 3, 2009
BY Ron Kotrba
Web exclusive posted Dec. 29, 2008, at 4:19 p.m. CST
Aventine Renewable Energy Holdings Inc. announced Dec. 22 that five days earlier it had received notification from the New York Stock Exchange that it had failed to meet one of the standards required for continued listing on the Exchange. Specifically, the NYSE noted the low value of Aventine's stock. The NYSE requires a per-share minimum average closing price of $1 for 30 consecutive trading days. On the morning of Dec. 24, Aventine stock was trading at 56-cents a share. Its 52-week high is $13.50; its 52-week low is 31 cents.
Aventine is a leading producer, marketer and end-to-end distributor of ethanol. It also markets and distributes biodiesel and produces distillers grains, corn gluten meal, corn gluten feed, corn germ and brewers' yeast.
Under NYSE rules, Aventine has six months - possibly longer if an extension is granted - to bring its stock price above the $1 threshold. Meanwhile, it will continue to be listed on the NYSE during the six-month "cure" period provided the company complies with the other continued listing requirements. Aventine is expected to notify the NYSE of intentions to "cure the deficiency," the company stated.
Aventine also reported that its business operations, U.S. Securities and Exchange Commission reporting requirements, credit agreements and other debt obligations are unaffected by the announcement.
Aventine Renewable Energy Holdings Inc. announced Dec. 22 that five days earlier it had received notification from the New York Stock Exchange that it had failed to meet one of the standards required for continued listing on the Exchange. Specifically, the NYSE noted the low value of Aventine's stock. The NYSE requires a per-share minimum average closing price of $1 for 30 consecutive trading days. On the morning of Dec. 24, Aventine stock was trading at 56-cents a share. Its 52-week high is $13.50; its 52-week low is 31 cents.
Aventine is a leading producer, marketer and end-to-end distributor of ethanol. It also markets and distributes biodiesel and produces distillers grains, corn gluten meal, corn gluten feed, corn germ and brewers' yeast.
Under NYSE rules, Aventine has six months - possibly longer if an extension is granted - to bring its stock price above the $1 threshold. Meanwhile, it will continue to be listed on the NYSE during the six-month "cure" period provided the company complies with the other continued listing requirements. Aventine is expected to notify the NYSE of intentions to "cure the deficiency," the company stated.
Aventine also reported that its business operations, U.S. Securities and Exchange Commission reporting requirements, credit agreements and other debt obligations are unaffected by the announcement.
Advertisement
Advertisement
Upcoming Events
