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.