Lee Enterprises (LEE) No Longer Performing Reverse Stock Split
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The Board of Directors of Lee Enterprises, Incorporated (NYSE: LEE), has elected not to effect a reverse stock split. At the annual meeting in March, stockholders had granted the board discretionary authority until June 30 to decide.
Lee received notification in February 2012 that it had returned to compliance with an NYSE listing standard requiring an average closing price of at least $1.00 per share over 30 consecutive days of trading. The NYSE has granted Lee until February 2013 to return to compliance with a standard requiring average equity market capitalization of not less than $50 million over 30 consecutive days of trading.
Carl Schmidt, Lee vice president, chief financial officer and treasurer, said Lee`s average equity market capitalization has exceeded $50 million since February 2012. As of June 28, 2012, with approximately 51.8 million shares outstanding and a closing price of $1.65 per share, Lee`s equity market capitalization totaled $85.5 million.
The NYSE continues to monitor the company`s compliance with the equity market capitalization standard, and Lee continues to be listed under a plan approved by the NYSE. Schmidt said the company expects future issues, if any, to be successfully addressed within the time frame required under the NYSE rules.
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Lee received notification in February 2012 that it had returned to compliance with an NYSE listing standard requiring an average closing price of at least $1.00 per share over 30 consecutive days of trading. The NYSE has granted Lee until February 2013 to return to compliance with a standard requiring average equity market capitalization of not less than $50 million over 30 consecutive days of trading.
Carl Schmidt, Lee vice president, chief financial officer and treasurer, said Lee`s average equity market capitalization has exceeded $50 million since February 2012. As of June 28, 2012, with approximately 51.8 million shares outstanding and a closing price of $1.65 per share, Lee`s equity market capitalization totaled $85.5 million.
The NYSE continues to monitor the company`s compliance with the equity market capitalization standard, and Lee continues to be listed under a plan approved by the NYSE. Schmidt said the company expects future issues, if any, to be successfully addressed within the time frame required under the NYSE rules.
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