That standard requires that a stock maintain a minimum average closing price of $1.00 per share over 30 consecutive trading days.
Under NYSE rules, the company has a period of six months, subject to possible extension, to bring its 30-day average share price back above $1.00.
The company’s common stock will continue to be listed on the NYSE during the cure period, subject to compliance with other NYSE continued listing requirements.
The company plans to notify the NYSE that it intends to cure the deficiency. During this six-month cure period, the NYSE will assign a “.BC” to the company’s ticker symbol indicating the company is below the continued listing criteria.
Interstate Hotels & Resorts has ownership interests in 57 hotels and resorts, including seven wholly owned assets.
Together with these properties, the company and its affiliates manage a total of 227 hospitality properties with approximately 46,500 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland.
Interstate Hotels & Resorts also has contracts to manage 17 to be built hospitality properties with approximately 4,300 rooms. For more information about Interstate Hotels & Resorts, visit the company’s Web site: http://www.ihrco.com/.