The retailer received notification in Deember from the New York Stock Exchange that it is no longer in compliance with continued listing criteria.
The NYSE continued listing criteria requires listed companies to maintain an average closing share price of at least $1 over a consecutive 30-day trading period.
Under NYSE’s rules, Party City now has a period of six months from receipt of the notice to regain compliance with the minimum share price requirement.
In order to regain compliance, on the last trading day of any calendar month during that six months, Party City’s shares of common stock must have i) a closing price of at least $1 per share and ii) an average closing price of at least $1 per share over the 30-trading day period.
Party City’s Common Stock will continue to be listed and traded on the NYSE during this period. The Common Stock will continue to trade under the symbol PRTY, but will have an added designation of BC to indicate below compliance.
The notification does now affect Party City’s business operations or its Securities and Exchange Commission reporting requirements, nor does in conflict with or cause an event of default under the company’s material debt or other agreements.
