Dan River's business plan gets go ahead

By Staff -- Home Textiles Today, 3/14/2002 12:00:00 AM

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.