YRC Worldwide plans to ask Nasdaq for additional time to raise its stock value above $1 a share to avoid delisting, the company said in its full quarterly 10-Q report.
The $5.3 billion trucking operator has until Aug. 30 to raise its per share value above $1, Nasdaq's minimum per share value, or face delisting by the stock exchange.
YRC's stock, which climbed from 11 cents to 33 cents a share over the past month, must be valued above $1 for ten consecutive business days to avoid delisting.
By The Numbers: U.S. Truck Shipping Costs.
If it receives a delisting notice, YRC will request a hearing with Nasdaq, the company said in its Aug. 9 filing with the Securities and Exchange Commission.
The request for a hearing would allow it to present a "plan of compliance" to the exchange and stay the delisting of its stock by at least 30 to 45 days, YRC said.
Although there is no assurance Nasdaq would grant YRC relief from its listing rules, YRC said its recent progress "would provide a solid basis for the exception."
The company's board of directors continues to evaluate the timing of a reverse stock split that would cut the number of shares and boost their overall value.
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