McEwen Mining 'intends to take steps' to maintain NYSE listing
The company said the price of its shares has fallen below the required level for continued listing of its common stock on the exchange. The NYSE requires that the average closing price of a listed company's shares be above $1 per share, calculated over a period of 30 consecutive trading days. McEwen was notified this week that its average share price for the previous 30 days had fallen below this.
The stock finished Thursday’s trading at 73.87 cents.
“McEwen Mining intends to take steps to regain compliance of the NYSE continued listing requirements,” the company said in a prepared statement. “Under the NYSE's rules, the company has a period of six months to bring its share price and 30-day average closing share price back above $1.”
During this period, the shares will continue to trade on the NYSE. If share prices have not recovered after six months, the stock will be subject to NYSE suspension and delisting procedures, the company said. The listing on the Toronto Stock Exchange is unaffected by any actions of the NYSE.