BERWYN, Pa.—SunCom Wireless Holdings Inc. has fallen below the minimum requirements to continue to be listed on the New York Stock Exchange, and the company said it intends to submit a plan to the exchange on how it expects to boost its market capitalization to meet the necessary minimum.
According to a Securities and Exchange Commission, SunCom was notified Sept. 27 that its average market capitalization was at $92.9 million—about $7 million less than the $100 million required for listing on the NYSE. SunCom has 45 days to submit a plan to “demonstrate its ability to achieve compliance with the … listing standards within 18 months.”
“SunCom intends to submit such a plan,” the company indicated in the filing.
As of Oct. 4, SunCom’s stock will have a “.BC” indicator added to alert traders to the fact that the company is below listing standards.
If SunCom doesn’t submit a plan, if the plan isn’t accepted, or if SunCom doesn’t get back into compliance, then the company’s stock will be delisted. SunCom also could have its stock transferred to another exchange.
SunCom’s stock has recently been trading at just under $1 per share.
