NYSE announced on Tuesday its plan to delist the shares of Frontier Insurance Group Inc. The Rock Hill, N.Y.-based insurance company has requested a review of the New York Stock Exchange’s decision to delist the company’s stock.
The liability and medical malpractice insurer has fallen below the NYSE listing standards requiring companies to have a market value of not less than $50 million and maintain a share price over $1. The NYSE said Tuesday the company’s plan to raise its share price did not provide a “reasonable demonstration” of actions to bring it in line with listing standards. Frontier’s share price has plummeted from a high of $35-11/16 in October 1997 to under $1 in June where it has remained.
A review of the decision will be held by a committee of NYSE board directors and should be completed near the end of January. In the meantime, Frontier shares will continue to trade on the NYSE until the review is completed or the company moves the listing to another exchange.
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