The company, which trades on the NYSE under the symbol FBN, said it received notice on July 10 that it had fallen below the NYSE’s standard of having an average market cap of more than $50 million during a 30-day consecutive trading period.
Market capitalization is calculated by multiplying the number of outstanding shares by the share price. Currently, Furniture Brands’ market cap is about $32 million.
Furniture Brands has 45 days to submit a plan to the NYSE to show its ability to reach the market cap listing standards within 18 months. The company said it intends to submit a plan.
Last December, Furniture Brands received a delisting warning from the NYSE that it had to keep share above $1 for 30 consecutive trading days. The company was back in compliance by early February, but in late May, the company had a 7-for-1 reverse stock split in an effort to boost its shares and maintain the price above $1.