New York Stock Exchange officials have told Noranda Aluminum Holding executives that the slide in the company's share price to below $1 has put it in the listing standards doghouse. The Noranda team now has six months to get their stock back above $1 on a regular basis. To that end, they will host on Aug. 24 a special shareholders' vote on a 1-for-7 reverse split. Noranda shares (Ticker: NOR) rose more than 6 percent Tuesday to 56.5 cents.
Noranda Aluminum Holding Corp. President and CEO Kip Smith on Thursday sent a message about his outlook for the battered shares of the Franklin-based company. Smith forked over nearly $100,000 to buy 196,000 shares of Noranda, which has lost more than 80 percent of its value (Ticker: NOR) so far this year as prices for its final products have fallen and its board has said it will evaluate its strategic options. The move boosted his stake in the company by more than a quarter.
Noranda Aluminum Holding leaders have finalized $15 million in funding that will let them complete a rod mill expansion at the company's complex in New Madrid, Missouri. Franklin-based Noranda announced its plans almost three years ago and had initially hoped to complete the project this year. It will now be wrapped up next spring. Check out the details here.
Three weeks after slashing shares of Noranda Aluminum Holding to 'sell,' analysts at UBS on Friday raised the Franklin-based company back to 'neutral' — but also cut their price target to $2 from $2.75. (A month ago, it was $3.25.) Noranda (Ticker: NOR) has been taken behind the woodshed in the past few weeks, falling more than 40 percent after private-equity firm Apollo Management said it would sell its large remaining stake. The stock closed Friday at $1.76.
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