Frontier Insurance Group has received a request from the New York Stock Exchange to submit a business plan in order to comply with listing criteria demanded by the exchange. NYSE listing standards require companies have a market value of at least $50 million, and maintain a share price over $1.
Frontier has a current market value of $26 million. The company’s share price has not risen above $1 since late June. Frontier acknowledged on Monday its receipt of the notification, saying it is working on a business plan aimed at restoring Frontier to the listing standards.
Frontier has until Dec. 16 to raise the share price over $1, or present a plan to raise the price, requiring a shareholder vote, by the next annual meeting in June, 2001.
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