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As of May 15, 2015, the average closing price per share of the company's common stock over the preceding 30 trading-day period was $0.99.
“In accordance with NYSE rules, the company will respond to the NYSE within 10 business days of receipt of the notification with its intent to resolve the deficiency,” Arch said.
“The company has six months to regain compliance with the NYSE continued listing requirements and will actively monitor its stock price and evaluate all available options in order to regain compliance within the prescribed timeframe.”
During the six-month period the company's common stock will continue to be listed and traded on the NYSE, subject to compliance with other continued listing standards. The deficiency does not affect the company's ongoing business operations or its SEC reporting requirements.
