NYSE Euronext Prolongs Smooth Listing Requirements To Support Companies In Downturn

New York Stock Exchange will extend until 30 June 2009 the temporary lowering of its market capitalization standard for listed companies. Through the same period, the NYSE Euronext also will suspend the application of its stock price criteria. This action

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New York Stock Exchange will extend until 30 June 2009 the temporary lowering of its market-capitalization standard for listed companies. Through the same period, the NYSE Euronext also will suspend the application of its stock-price criteria.

This action reflects the Exchanges determination that suitable companies should remain listed during the current period of unusual market volatility and decline.

Specifically, the NYSE is addressing two continued-listing requirements:

The NYSE on 23 January temporarily changed to $15 million from $25 million the minimum global market capitalization required of listed issues. This temporary change is now extended until June; it otherwise would have expired on 22 April.

The Exchange is suspending until 30 June 2009, the application of its stock-price standard, which applies to stocks whose average closing price falls below $1 over a consecutive 30-day trading period.While the Exchanges filing submitted to the U.S. Securities and Exchange Commission (SEC) in connection with the adoption of this rule change is immediately effective, it is subject to a 30-day operative delay under SEC rules.

The overall market downturn has only deepened since we first enacted the easing of our market-capitalization standard on 23 January, causing an even larger number of stocks to fall below our requirements, says Scott R. Cutler, EVP and head of Listings, NYSE Euronext, Americas.

We are taking proactive measures to ensure that the stocks of NYSE-listed companies can remain listed in the current difficult market conditions, enabling them to be available to the investing public during this period.

L.D.

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