On September 4, 2009
McClatchy Back in NYSE’s Good Graces
The McClatchy Company is back in compliance with New York Stock Exchange (NYSE) standards for continuing listing of its stock price. Since being notified by the NYSE in February that it no longer qualified for listing, the nation’s third-largest newspaper company has been restructuring and repositioning itself as “a 24-7 news and advertising company that can deliver in print, online, and to handheld devices,” in the words of CEO Gary Pruitt. Under new, more relaxed standards approved this week by the SEC, a company like McClatchy can now continue to qualify for listing as long as its stock price maintained an average closing price above $1.00 per share for any consecutive, 30-trading-day period. During the crisis that has been shattering…
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