DAVENPORT, Iowa – Lee Enterprises, Inc., parent company of Tucson's Arizona Daily Star, has received notification it has returned to compliance with the New York Stock Exchange's share price standard.
The standard requires listed companies to maintain an average closing price of at least $1 per share over 30 consecutive days of trading.
Mary Junck, Lee chairman and chief executive officer, said: "As we expected, investor sentiment has improved with the implementation of our refinancing agreements on Jan. 30.
"We appreciate the confidence of our stockholders as we advance our many initiatives to drive revenue, build even larger audiences and resume overall growth."
The Daily Star is Lee Enterprises' second-largest newspaper.
Carl Schmidt, Lee vice president, chief financial officer and treasurer, said the company still has approximately one year remaining under an approved plan, subject to ongoing oversight, for returning to compliance with an NYSE standard requiring market capitalization of not less than $50 million over 30 consecutive days of trading.
As of Feb. 17, with approximately 51.7 million shares outstanding and a closing price of $1.13 per share, Lee's market capitalization totaled $58.4 million. Schmidt said if the company's average market capitalization remains in excess of $50 million, the NYSE will consider granting a return to compliance in February 2013, or possibly sooner, based on market capitalization over at least two consecutive quarterly monitoring periods.
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