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JC Penney May Be Delisted, Warns NYSE
The retailer’s shares have been trading below $1 for nearly 30 consecutive business days, which is grounds for delisting.
Department store chain J.C. Penney is at risk of being delisted if it can’t boost its share price soon, warned the New York Stock Exchange.
Plano, Texas—J.C. Penney Co. is at risk of being delisted from the New York Stock Exchange as its share price continues to hover below $1.
Shares of the retailer fell below the $1 mark on July 19, following reports that it had hired strategic advisors and was planning a restructuring.
A company is at risk of being delisted if its shares trade under $1 for 30 consecutive business days.
J.C. Penney confirmed it had hired external advisors but said in a statement that it had not done so to prepare for in-court restructuring or bankruptcy.
The retailer said the advisors were hired to improve its capital structure and balance sheet, and noted that it did not have any “significant” debt maturities due soon and maintained a strong liquidity position.
The company received a letter from the exchange Tuesday warning that it has six months to regain compliance with the share price requirement.
A reverse stock split will be on the table at the next shareholder meeting, the company said, which reduces the number of outstanding shares to boost the price per share without affecting the company’s value or the value of shares an investor owns.
For example, an investor has 1,000 shares worth $1, which is a $1,000 value. In a one-for-10 reverse stock split, the investor then has 100 shares worth $10, which still equals $1,000.
The company said it will notify the NYSE within the next 10 business days of its plan to regain compliance.
The retailer is sitting on about $4 billion in debt, according to SEC filings.
Shares of the chain have dropped more than 70 percent over the past year, CNBC reported.
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