Bally Total Fitness (BFT) Receives Non-Compliance Notification From NYSE
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In Today's 8-K Filing From Bally Total Fitness (NYSE: BFT): On March 26, 2007, the Company received notification from the NYSE that the Company was not in compliance with the NYSE's continued listing standards. In the notification, the NYSE advised the Company that it is considered "below criteria" by the NYSE because the Company's total market capitalization was less than $75 million over a 30 trading-day period. Additionally, the NYSE advised the Company that in light of the Company's disclosure in the Form 12b-25 that it was unable to determine when it will file its 2006 Form 10-K, the NYSE anticipated a likelihood that on April 2, 2007, the NYSE will deem the Company to be a "late filer."
The NYSE also advised the Company that in light of the Company's disclosures in the Form 12b-25 regarding the Company's financial condition, certain qualitative assessment factors could impact continued listing of the Company's common stock.
Under otherwise applicable NYSE rules, the Company would have 45 days to respond to the NYSE's non-compliance notification, by submitting a business plan demonstrating how the Company will regain compliance with the NYSE's quantitative listing standards within 18 months. However, in light of the NYSE's combined assessment of the Company's quantitative non-compliance, certain qualitative factors and the Company's anticipated late filing of its 2006 Form 10-K, the NYSE has directed the Company to respond on an accelerated basis. If the Company does not respond, or if the NYSE does not accept the Company's response, the Company will be subject to NYSE delisting. If the Company's common stock is delisted from the NYSE, the Company intends to make arrangements for its common stock to be quoted on the OTC Bulletin Board or similar quotation system.
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