Babcock & Wilcox receives non-compliance notification from NYSE
Babcock & Wilcox announced that it received notification from the NYSE that the company has fallen below its continued listing criteria based on the price of B&W's common stock. The average closing price of B&W's common stock was 96c over a consecutive 30-day trading period. The company has a period of six months from the date of notification, with a possible extension, to bring the 30-day average closing share price back above $1.00. Under NYSE rules, B&W's common stock will continue to be listed on the NYSE during this period, subject to the company's compliance with other NYSE continued listing requirements. B&W plans to notify the NYSE that it intends to cure the deficiency, although there can be no assurance that the company will be able to bring its share price back above $1.00 or will remain in compliance with other NYSE continued listing standards. The NYSE notification does not affect the company's business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of the company's material debt or other agreements.