Dollar Thrifty Automotive Group Inc. announced Jan. 26 that the New York Stock Exchange (NYSE) has determined not to commence delisting proceedings with respect to Dollar Thrifty's common stock. Dollar Thrifty previously notified the NYSE that it had failed to meet the $25 million minimum market capitalization requirement for the 30-day period ended Dec. 22, 2008.
In advising Dollar Thrifty of its decision, the NYSE recognized the overall decline in trading prices in today's volatile markets. These conditions also recently prompted the NYSE to propose a temporary reduction in the minimum market capitalization requirement to $15 million, which the NYSE expects to be effective until April 22, 2009.
"We are pleased that the NYSE has demonstrated some flexibility on their listing standards during these exceptional times," said Scott Thompson, president and chief executive officer of Dollar Thrifty.