JCPenney is in danger of its stock getting booted off the New York Stock Exchange because its share price is too low.
The company said NYSE notified it that the company has six months to get its share price back above $1 a share or to take steps to win shareholder approval of a reverse stock split. In a reverse stock split, companies cut the number of shares on the market, boosting the stock price.If JCPenney can't comply, the exchange would delist its stock. JCPenney said it is considering seeking a reverse stock split.
Read MoreShares plunged 17% in trading that day following the report, prompting JCPenney to issue a statement that"given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy."If a company is delisted, its shares can still be traded off from the exchange, in what is known as"over-the-counter" trades.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Relic CEO admits 'we did not execute' as stock plunges 32% on weak guidanceNew Relic had its worst day since its 2014 IPO after issuing disappointing revenue guidance.
Read more »
Farfetch’s Stock Plunges Despite New Guards AcquisitionIt picked up brand platform New Guards, which is the licensee of Off-White, for $675 million.
Read more »
Uber and Lyft are lashing out at New York City regulators over 'malarkey' vehicle caps'The new rules could potentially restrict where, when, how drivers can work, and we just don't think that's good for New Yorkers.'
Read more »
Barneys New York: What’s Next After Bankruptcy?And is there a viable business to come out of the luxury retailer’s second Chapter 11?
Read more »
New York Times beats profit expectations, but revenue comes up shyNew York Times Co. reported Wednesday a second-quarter profit that beat expectations while revenue came up shy. The media company's stock was still inactive...
Read more »
Progressive candidate concedes in New York City Democratic primaryThe Democratic primary race for Queens district attorney finally came to end an ...
Read more »