Trucking giant YRC isn't as small as its share price suggests. This Fortune 500 company raised a good chunk of change earlier this week by selling its global logistics business.
Despite bankruptcy-filing fears among investors, YRC is doing its part to keep on truckin'. Its flagship business has shown sequential improvement as YRC posts narrower deficits.
This stock traded in the double digits two years ago, but YRC may need a reverse split to maintain listing compliance, assuming it doesn't plan on filing for Chapter 11 reorganization.......
Our board of directors continues to evaluate the timing of a reverse stock split, and at this time, has not finalized a date. Assuming the closing price of our common stock price is not above $1.00 for ten consecutive business days by August 30, 2010, we expect to receive a delisting notice from NASDAQ. If we receive a delisting notice from NASDAQ, we would intend to request a hearing with NASDAQ to present a plan of compliance. The request for a hearing will stay the delisting of our common stock. We expect that a hearing would be scheduled 30 to 45 days after NASDAQ receives our request for a hearing. Although there is no assurance the exception would be granted which would extend the period to regain compliance with the NASDAQ marketplace rules, we believe its continued progress with all of its stakeholders would provide a solid basis for the exception.
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