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Culp's NYSE listing under review
By Furniture Today Staff -- Furniture Today, December 21, 2008
HIGH POINT — Fabric supplier Culp said it has been notified by the New York Stock Exchange that its stock is out of compliance with the exchange's listing standards because its market capitalization and shareholders' equity both fall below $75 million.
The market cap was $38.5 million as of Dec. 12 and the equity was $46.5 million as of Nov. 2, the most recently reported date.
To keep its listing, Culp would have 45 days to submit a plan to the NYSE telling how it will achieve compliance with the standards within 18 months. If the plan is accepted, the exchange would monitor the company. The company said it intends to submit such a plan.
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