Georgia Gulf not in compliance with NYSE standard

26-Feb-09
Georgia Gulf, North American producer of chlorovinyls and aromatics for building and construction markets, faces a risk of getting suspended and delisted from the New York Stock Exchange (NYSE). The Atlanta-based company, which recently posted a Q4 loss of US$198.7 mln, was in non-compliance with criteria established by the NYSE as its total market capitalization was less than US$75 mln over a consecutive 30 trading-day period. Also, the company's last reported shareholders' equity was less than US$75 mln at December 31, 2008. As per NYSE procedures, Georgia Gulf Corporation has 45 days from the receipt of this notice (Feb 24, 2009) to submit a plan to the NYSE demonstrating how it intends to comply with the NYSE's continued listing standards within 18 months. Georgia Gulf also might face delisting if its stock price does not go up. The NYSE will send a formal written notice to the company if its stock is less than US$1 over 30 consecutive trading-days. The company believes it will be out of compliance with this additional listing standard, unless the market price of its common stock increases significantly in the near term.
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