Dana Holding Corp. said yesterday it had been notified by the New York Stock Exchange that its stock listing could be removed if its share prices and market capitalization do not improve.
NYSE said that during the last 30-day trading period the Toledo auto parts firm's stock has closed on average below $1 a share and the company's stock price multiplied by outstanding shares has averaged below $100 million, thus not meeting the stock exchange's standards to be listed.
The local firm said it told the NYSE that it intends to resolve these matters. Under the procedure, Dana has six months to return its average share price above the required threshold and 45 days to submit a plan demonstrating its ability to comply with the market capitalization standard.
Meanwhile, the stock traded under the symbol DAN will be listed.
The firm's shares closed yesterday at 70 cents each.