Dan River plan approved
Staff -- Home Textiles Today, 3/18/2002
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 delisting 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.
Joseph Lanier, chairman and ceo, said, "We are very pleased that the New York Stock Exchange has seen fit to accept our business plan. As we stated in our recent earnings release, we are optimistic about the second half of 2002, and accordingly, we are hopeful that our stock price will soon reflect the return to profitability that is anticipated in our business plan."
