Verso
Paper Corp. announced today that the New York Stock Exchange has notified Verso
that it has fallen below the NYSE's continued listing standard requiring that
the average closing price of Verso's common stock be at least $1.00 over a
consecutive 30 trading-day period. As of August 14, 2013, the date of the NYSE
notice, the average closing price of Verso's common stock over the past 30
trading days was $0.97 per share.
To
maintain its NYSE listing, Verso has until February 14, 2014, which is six
months from the date of the NYSE notice, to bring the closing share price and
the average closing share price of its common stock back above $1.00. Verso has
notified the NYSE that it intends to cure the share price deficiency. During
the cure period, Verso's common stock will continue to be traded on the NYSE,
subject to Verso's compliance with other NYSE continued listing requirements. Separately, and as previously disclosed, Verso has appealed the NYSE staff's determination to delist Verso's common stock due to Verso's failure to satisfy the NYSE's continued listing standard requiring that Verso have an average market capitalization of at least $75 million over a consecutive 30 trading-day period. The review committee of the NYSE's board of directors currently is scheduled to hear Verso's appeal on September 10, 2013.
