Menomonee Falls-based Magnetek Inc. disclosed that it has received notification from the New York Stock Exchange that it has fallen below the continued listing standards for the exchange.
The company is considered below criteria established by the NYSE because the company’s average market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $50 million.
In accordance with NYSE procedures, the company has 45 days from the receipt of the notice to submit a business plan to the NYSE demonstrating how it intends to regain compliance with the NYSE’s continued listing standards within 18 months.
Magnetek intends to develop and submit such a business plan within the required time frame. The Listings and Compliance Committee of the NYSE will then review the business plan for final disposition.
