YRC Worldwide Inc. on Thursday, Oct. 27, announced that it received a positive determination from the NASDAQ Hearings Panel granting the company’s request to remain listed on The NASDAQ Stock Market. In its decision, the panel indicated that it had determined to exercise its discretionary authority to apply NASDAQ’s financial viability exception retroactively to the company based upon the particular facts and circumstances and to continue the company’s listing on NASDAQ, subject to certain conditions.
“We are very pleased with the NASDAQ Hearings Panel’s decision and the positive news it means for YRC Worldwide,” says James Welch, chief executive officer of YRC Worldwide. “As we continue to move our company forward, we remain focused on our number one priority – providing our customers with reliable transportation solutions.”
In accordance with the terms of the panel’s decision, on or before Dec. 31, 2011, the company must implement a reverse stock split and demonstrate a closing bid price for its common stock above $1.00 per share for a minimum of 10 consecutive trading days. The company also must be able to demonstrate compliance with all requirements for continued listing on NASDAQ.
The Overland Park, Kan.-based company is seeking stockholder approval of a reverse stock split at its annual meeting of stockholders scheduled to be held Nov. 30 with the ratio and timing of implementation of the reverse stock split at the discretion of the company’s board of directors if approved by stockholders.
“We truly value our long-term relationship with NASDAQ, and we look forward to continuing to be a part of this important exchange,” says Jamie Pierson, interim chief financial officer.