Monaco Coach Corporation Notified by NYSE of Non-Compliance With a Continued Listing Standard
January 12 2009 - 2:58PM
Marketwired
Monaco Coach Corporation (the "Company" ) (NYSE: MNC) today
announced that on January 6, 2009 the Company received a letter
from the New York Stock Exchange, or the NYSE, advising it that the
Company was not in compliance with NYSE's continued listing
standard applicable to its common stock. That standard requires
that a listed common stock maintain an average closing stock price
of over $1.00 per share of common stock for 30 consecutive trading
days.
Under the NYSE rules, the Company has ten business days or until
January 21, 2009, to notify the NYSE of its intent to cure this
deficiency. The Company intends to notify the NYSE of its intent to
cure this deficiency. Under the NYSE rules, the Company has six
months from the date of the NYSE notice to cure the average price
deficiency. If the Company has not cured the deficiency by that
date, its common stock would be subject to delisting by the
NYSE.
In addition, in the same communication, the NYSE observed that
the Company's average market capitalization over a recent 30
consecutive trading day period was below the NYSE minimum
quantitative continued listing criteria of $25 million. While this
would normally be grounds for immediate suspension and delisting,
the NYSE has advised the Company that it is continuing to assess
the Company's listing status in connection with this deficiency,
and the Company cannot predict whether or when the NYSE may take
action with respect to this matter.
Safe Harbor Statement
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements are based on various assumptions and events that are
beyond the Company's control and may be identified by reference to
a future period or periods or by the use of forward-looking
terminology, such as "may," "will," "believe," "expect," "likely,"
"should," "could," "anticipate," "intend" or similar terms or
variations on those terms or the negative of those terms. The
Company bases its forward-looking statements on management
expectations. Actual results may differ materially as a result of
several factors, including, but not limited to:
-- The Company's ability to achieve and maintain a share price and
average price above $1.00 per share of its common stock at the expiration
of the six-month period;
-- Commencement by the NYSE of suspension and delisting procedures for
failure to successfully implement a plan to correct non-compliance with the
NYSE listing standards;
-- Even if such minimum price is achieved and maintained, the Company's
ability to continue to satisfy the NYSE's other qualitative and
quantitative listing standards for continued listing; and
-- The NYSE's right to take more immediate listing action in the event
that the stock trades at levels that are viewed as "abnormally low" on a
sustained basis or based on other qualitative factors.
About Monaco Coach Corporation
Monaco Coach Corporation, a leading national manufacturer of
motorized and towable recreational vehicles, is ranked as the
number one producer of diesel-powered motorhomes. Dedicated to
quality and service, Monaco Coach is a leader in innovative RVs
designed to meet the needs of a broad range of customers with
varied interests and offers products that appeal to RVers across
generations.
Headquartered in Coburg, Oregon, with manufacturing facilities
in Oregon and Indiana, the Company offers a variety of RVs, from
entry-level priced towables to custom-made luxury models under the
Monaco, Holiday Rambler, Safari, Beaver, McKenzie, and R-Vision
brand names. The Company maintains RV service centers in
Harrisburg, Oregon and Wildwood, Florida and operates
motorhome-only resorts in California, Florida, Nevada and
Michigan.
Monaco Coach Corporation trades on the New York Stock Exchange
under the symbol "MNC." For additional information about Monaco
Coach Corporation, please visit www.monaco-online.com or
www.trail-lite.com.
CONTACT: Craig Wanichek Director of Investor Relations Monaco
Coach Corporation (541) 681-8029
Monaco Coach (NYSE:MNC)
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