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.
Was this article valuable?
Here are more articles you may enjoy.
AIG Partners With Amwins, Blackstone to Launch Lloyd’s Syndicate Using Palantir 
Brown & Brown Files Suit Over Alleged Howden Poaching of 200+ Employees 
Viewpoint: Artificial Intelligence Is Rewriting the Rules for Commercial Lines 
Twice Injured Firefighter Loses Second Workers’ Compensation Claim 
