Written by The Business Journal Staff
Sacramento-based McClatchy Co., parent company of The Fresno Bee, has received a second notice from the New York Stock Exchange (NYSE) threatening to delist the company’s stock because the share price has recently fallen below $1 for 30 consecutive days.
The notification, which is required under NYSE rules, gives the company six months to raise its share price or face delisting.
McClatchy received a similar warning in August 2015 but that delisting threat was lifted three months later after the company announced a $15 million share-buyback program and its stock prices rose above a dollar per share.
McClatchy, which trades on the NYSE under the ticker MNI, has seen its share price rebound in recent days from its 52-week low of 75 cents. On Thursday, shares of the company stock closed at $1.03.
In reaction to the latest notice from the NYSE, McClatchy officials announced today that the company has paid off nearly $29 million in debt, reducing its total debt to $906.5 million.
“As this transaction demonstrates, we remain committed to reducing debt and interest and creating leveraged equity returns for our shareholders,” said McClatchy Chief Financial Officer Elaine Lintecum in a news release issued by the company Friday.