Gray TV Threatened With De-Listing
NYSE says Gray "below price criteria," with average closing price less than a dollar per share in the last month.
By Michael Malone -- Broadcasting & Cable, 11/7/2008 8:11:00 AM
The New York Stock Exchange (NYSE) has informed Gray Television that the broadcaster has not satisfied a standard required to continue being listed. The NYSE stated that Gray was “below criteria” for the Exchange’s price criteria for Gray’s common stock because the average closing price per share was less than a dollar for the last 30 trading days.
At midday Friday, Gray's common stock was trading at $1.34 per share. Its 52-week high is $9.55.
Gray now enters a six-month “cure period” in which its average share price over a consecutive 30-day trading period must exceed $1 “in order to cure the deficiency for this continued listing standard.” Gray’s common stock and Class A common stock remain listed on the NYSE. The broadcaster plans to notify the NYSE within 10 business days that it intends to “cure this price deficiency.”
Gray Television operates 36 stations. It reported mostly favorable earnings earlier this week, with total net revenue of $82.6 million for the third quarter, a 12% jump from the same quarter last year thanks largely to political and digital advertising. But Gray saw a 3% drop in local ad revenue and a 9% plummet in national ad revenue and is highly leveraged.
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