Blockbuster (BBI) shares have taken another step lower, after the company disclosed late yesterday that it has been notified that it now violates a New York Stock Exchange listing requirement for market cap to exceed $75 million. The company under NYSE rules has 45 calendar days to submit a plan to demonstrate its ability to achieve compliance within 18 months.
The company said it intends to submit such a plan “promptly.”
Back in November, BBI said it received notice that it was violating an NYSE rule requiring companies to have a stock price of at least $1 a share.
Blockbuster noted in its release that it it will ask holders to approve a reverse stock split.
BBI is down 2.6 cents, or 9.3%, to 25.5 cents. The company’s current market cap: $53.5 million.
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