Elyria-based Invacare receives notice of noncompliance from NYSE

ELYRIA, Ohio (WOIO) - Invacare Corporation, based out of Elyria, announced Thursday it received a notice of noncompliance from the New York Stock Exchange (NYSE).

The notice states that the company’s common shares were less than $1.00 per share over a 30 consecutive trading-day period.

According to Invacare, the notice does not result in an immediate delisting of the company’s common shares from the NYSE.

Invacare said they plan to notify the NYSE by Oct. 7 that they intend on returning to compliance.

NYSE guidelines states that Invacare can regain compliance by following certain guidelines within a six month period after receiving notice. They must prove that:

The share price on the last trading day of any month within that period is at least $1.00
The average closing share price of the 30-day period ending on the last trading day of that month is at least $1.00

The company will also have to gain shareholder approval to take action to cure the stock price deficiency at its next annual shareholder meeting, according to NYSE rules.

“The company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to shareholder approval no later than at the company’s next annual meeting of shareholders, if necessary to cure the stock price non-compliance,” a release from the company stated.

The company said that its common shares will continue to be listed and trade on the NYSE during this period, subject to the company’s compliance with other NYSE continued listing standards.