The New York Stock Exchange today threw out a lifeline to the drowning Lee Enterprises, parent company of the Journal Times, whose stock is under threat of de-listing.
NYSE trading rules require that a company's stock must be selling for more than $1, and the company must have a capitalization over $25 million. Lee hasn't met either of those requirements since December.
But today the NYSE relaxed listing requirements, reducing the minimum capitalization companies must maintain to $15 million. The reprieve, according to Bloomberg, will last through April 22. Lee is just one of 19 companies on the NYSE whose stock market value is less than $25 million.
Unfortunately, the NYSE's move may not be enough: As I write this, Lee stock is selling for 31 cents per share, giving it a market cap of $13.9 million... whoops!
Lee announced last week that it will propose a reverse stock split at its March 10 annual meeting, turning anywhere from five to ten shares into one, thus raising the price of each share over the NYSE's minimum.