Safeguard gets NYSE non-compliance notice
Safeguard Scientifics (Wayne, Pennsylvania), a holding company that builds value in growth-stage technology and life sciences companies, said it has received notification of non-compliance with continued listing standards from the New York Stock Exchange because the closing price of Safeguard common stock has averaged less than $1 per share for the 30 consecutive trading days ended Nov. 3.
The company has a period of six months to bring its average share price back above $1. The stock will continue to trade on the NYSE during the interim period.
"If our share price and average closing price remain under $1 per share in early 2009, our board of directors will effect a reverse stock split, as previously authorized by shareholders, to cure the non-compliance," said President/CEO Peter Boni. "At our 2008 annual meeting, shareholders authorized our board, at its discretion, to implement a reverse stock split at an exchange ratio of not less than 1-for-4 and not more than 1-for-8."