CHARLOTTE, N.C. – (NYSE: FRP) faces being suspended from the New York Stock Exchange.
The falling value of tts shares, which have plunged in value from $9 last fall to 59 cents on Thursday, have put FairPoint’s market capitalization at $52 million. The NYSE minimum is $75 million.
FairPoint said late Thursday that it had been notified by the NYSE on July 24 about the possible suspension. FairPoint has until early October to file a business plan explaining how it plans to regain compliance.
“The Company intends to submit a plan to the NYSE which will enable it to regain compliance through a restructuring of the Company’s current capital structure and the execution of its growth initiatives in the business and broadband markets in northern New England,” FairPoint said in a statement.
A provider of local telephone communications services in numerous markets, FairPoint has been under growing criticism for service problems in New England where it acquired much of Verizon’s local service business.