FRZ down 26%+ on delisting warning....
low float
DALLAS, Sept. 27, 2011 /PRNewswire/ -- Reddy Ice Holdings, Inc. (NYSE: FRZ) ("Reddy Ice" or the "Company") announced today that the Company had been notified by NYSE Regulations, Inc. that it is not in compliance with one of the continued listing standards of the New York Stock Exchange (the "NYSE").
Reddy Ice is considered below the continued listing criteria established by the NYSE because the Company's total 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, Reddy Ice has 45 days from the receipt of the notice to submit a plan to the NYSE demonstrating how it intends to comply with the NYSE's continued listing standards within 18 months. Upon receipt of the Company's plan, the NYSE will review and determine whether the Company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18 month period. The NYSE will either accept the plan, at which time the Company will be subject to ongoing monitoring for compliance with this plan, or the NYSE will not accept the plan and the Company will be subject to suspension and delisting proceedings. As required by the NYSE's rules, the Company plans to notify the NYSE within 10 days of receipt of the non-compliance notice of the Company's intent to submit a plan to remedy its non-compliance.
The Company's common stock remains listed on the NYSE under the symbol "FRZ," but will be assigned a ".BC" indicator by the NYSE to signify that the Company is not currently in compliance with the NYSE's continued listing standards. The Company is required to maintain compliance with other applicable NYSE continued listing requirements, including the minimum global market capitalization standard, which requires the Company to maintain an average global market capitalization of at least $15 million over a consecutive 30 trading-day period. Failure to maintain compliance with this requirement would result in the NYSE promptly initiating suspension and delisting procedures. On September 26, 2011, Reddy Ice's common stock had a closing price of $1.63 per share, equating to a market capitalization of approximately $38.1 million.
