Pulse Electronics Receives Second Notice of Non-Compliance from NYSE
Pulse Electronics Corporation (NYSE: PULS), a leading provider of electronic components, today announced that on October 10, 2012, it received notice from the New York Stock Exchange (“NYSE”) that the Company is not in compliance with a NYSE standard for continued listing of its common stock on the exchange. Specifically, the Company's average closing share price over 30 consecutive trading days was below the NYSE minimum standard of $1.00.
Under NYSE rules, the Company has six months to satisfy the average price requirement. The Company has notified the NYSE that it intends to cure the deficiency within the specified timeline. Notwithstanding the foregoing, if the Company determines to remedy the non-compliance by taking action that will require shareholder approval, such as a reverse stock split, the NYSE will continue to list the common stock pending shareholder approval by no later than its next annual meeting, and the implementation of such action promptly thereafter.
During the applicable cure period, the Company's shares will continue to be listed and traded on the NYSE, subject to the Company's compliance with other NYSE continued listing standards. Previously, the Company announced that it had been notified by the NYSE that it was out of compliance with NYSE minimum continued listing requirements for market capitalization and shareholders' equity. The Company continues to intend to also cure that deficiency.
The Company's business operations, credit agreement, convertible bonds, and Securities and Exchange Commission reporting requirements are unaffected by this notice.
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