Budget in Jeopardy of Losing NYSE Listing

LISLE, Ill. -- Budget Group Inc. said that the New York Stock Exchange has warned the company that it currently falls short of the exchange's listing criteria.

Budget Group doesn't currently meet the NYSE listing standard requiring a minimum closing share price of at least $1 per share over a 30-day period in addition to a total market capitalization of not less than $50 million and stockholders' equity of not less than $50 million.

Budget pointed to the post-Sept. 11 travel slump in explaining the company's recent decline. On Sept. 10, 2001, Budget's stock price was $2.30 per share and its total market capitalization was more than $81 million.

Under NYSE rules, the exchange may grant a period of up to 18 months for the company to meet the market capitalization and stockholders' equity requirement, and a period of up to six months for the company to comply with the minimum share price requirement, subject to certain conditions.

Budget said it will formally request that these periods be granted, and will submit a business plan to the NYSE to maintain its listing.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

6 Takeaways from the 2018 International Car Rental Show

Technological solutions are finally moving from reality to theory, peer-to-peer platforms are being redefined, China has the biggest room for growth, while Sixt’s U.S. aspirations have only just begun.

The Irony of Customer Service in the Digital Age

Sure, any company would jump at the chance to use technology to reduce labor costs. But it also comes with some big, red, flashing warning lights.

Market Forces Driving Car Rental in 2018

An analysis of the conference calls of Avis Budget Group and Hertz Global Holdings reveal trends and initiatives involving fleet right sizing, pricing, ancillary revenue opportunities, and renting to ride-hailing drivers.

Job Finder: Access Top Talent. Fill Key Positions.

>