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.