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Published: Tuesday, 3/31/2009

NYSE clears Dana plan to stop firm s delisting

Dana Holding Corp., a Toledo automotive parts maker, said yesterday that the New York Exchange Commission has accepted the firm s plan for its stock to stay on the NYSE.

More than three months ago the stock exchange said Dana was in danger of being delisted because its average closing price had fallen below $1 a share and its average market value was below $100 million for at least 30 days.

Dana said in late February that it will ask its shareholders at its April 21 annual meeting to allow it to implement a reverse stock split, giving holders one share for every 10, 15, or 20 shares they own. NYSE is to review the firm s listing status over the next 18 months.

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