http://www.nyse.com/cgi-bin/ny_news?...0/06-10:41-760|PR-10/06-09:31-595|PR-10/03-15:57-958|&sp=1
INDIANAPOLIS, Oct. 6 /PRNewswire-FirstCall/ - Championship Auto Racing Teams, Inc. today reported that it has received formal notification from the New York Stock Exchange that the Company had fallen below the NYSE continued listing criteria as the Company's average market capitalization is less than $15 million over a 30 trading-day period and the average closing price of its security is less than $1.00 over a consecutive 30-trading-day period.
In order to enhance information available to investors, the NYSE makes available on the consolidated tape an indicator, ".BC," if a company is below the NYSE's quantitative continued listing standards. This indicator will be transmitted with the Company's symbol on and after October 7, 2003.
The Company must notify the NYSE on or prior to October 14, 2003 of its plan to cure the deficiencies or be subject to suspension and delisting procedures.
If the Company does not submit a plan that is found acceptable by the NYSE, or the Company cannot affirm an intent to cure, the Company will be subject to immediate suspension by the NYSE and delisting by the SEC, in which case the Company would pursue having its common stock quoted on the OTC Bulletin Board ( OTCBB).
The Company does not expect to submit a plan nor does it expect to be able to affirm an intent to cure the deficiencies.
- Can anybody explain what's going on here?