Libbey Inc., the Toledo glassware manufacturer, has been notified by the New York Stock Exchange that its stock is in danger of being delisted because the shares lack sufficient market value.
Rules require a value of at least $75 million. Libbey shares closed yesterday down 11 cents to $1.03 each, giving the company a market value of $11 million, according to Yahoo Finance.
In a filing with the U.S. Securities and Exchange Commission last week, the Toledo firm said that it plans to provide NYSE with a business plan for complying within 18 months with listing standards.
Firms whose shares are delisted by major exchanges typically trade on over-the-counter markets. Toledo s Dana Holding Corp. is under a similar delisting notification from NYSE.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.