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| VCI > SEC Filings for VCI > Form 8-K on 5-Jun-2009 | All Recent SEC Filings |
5-Jun-2009
Other Events, Financial Statements and Exhibits
Valassis Communications, Inc. (the "Company") announced on June 4, 2009 that it was notified by NYSE Regulation, Inc. ("NYSE Regulation") that, as a result of revised New York Stock Exchange, Inc. ("NYSE") listing standards effective retroactively to May 12, 2009, it has returned to compliance with the NYSE's continued listing standards. Under the revised listing standards, a company that originally qualified to list on the NYSE under the "earnings test" (like the Company) will be considered to be below the NYSE's compliance standards if its average global market capitalization over a consecutive 30 trading-day period is less than $50 million (formerly $75 million) and, at the same time, its total stockholders' equity is less than $50 million (formerly $75 million). As of June 4, 2009, the Company's market capitalization was $332.3 million.
The NYSE received approval from the Securities and Exchange Committee to lower the numeric thresholds with respect to market capitalization and stockholders' equity on a pilot program basis through Oct. 31, 2009. However, the NYSE anticipates making a subsequent rule filing prior to this date to make the lower thresholds permanent.
As previously announced, the Company received notice from the NYSE on Feb. 20, 2009 that it was below then current criteria because its average market capitalization over a consecutive 30 trading-day period was less than $75 million and its stockholders' equity was less than $75 million. The Company submitted a business plan, which was subsequently approved by the NYSE, that demonstrated its ability to return to compliance with the continued listing standard within 18 months of receipt of the notice. Based on the most recent notification, the Company is no longer subject to the 18-month review process.
The Company issued a press release on June 4, 2009 to disclose its receipt of the letter from the NYSE. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated by reference herein.
(c) Exhibits
99.1 Press Release dated June 4, 2009.
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