Shareholders of Noranda Aluminum Holding on Monday voted overwhelmingly to approve a 1-for-7 reverse stock split, part of the company's plan to get back in the good graces of the New York Stock Exchange's listing standards panel. Noranda shares (Ticker: NOR) should this morning begin trading around $2.60. Its leaders also must still find ways to boost the Franklin-based company's shareholder's equity above $50 million.
The New York Stock Exchange's listings regulators have told Noranda Aluminum executives that they need to submit a plan to get the Franklin-based company's market value and shareholder equity back above $50 million. Late last month, the NYSE also told Noranda to get its stock price above $1, something the company plans to do via reverse split. Unless the global aluminum market rebounds soon and lifts Noranda's fortunes, this demand could be harder to meet.
Check out more information about the NYSE's latest letter here.
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.
The Tennessee Attorney General's Office and the state Division of Consumer Affairs have reached an agreement with auto dealer Wholesale Inc. that calls on the company to change its advertising. The deal comes after a complaint from a soldier stationed at Fort Campbell led to allegations that the company violated the Tennessee Consumer Protection Act in marketing a fictitious lender and saying it was marketing a limited amount of loans to military personnel. Check out more info here.
Standard & Poor's Financial Services executives have agreed to settle an investigation into the firm's ratings practices last decade. The company has agreed to pay the Department of Justice and almost 20 states $1.375 billion. Tennessee will get $25 million of that amount. Check out the state's release here.
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