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VRS > SEC Filings for VRS > Form 8-K on 26-Jun-2013All Recent SEC Filings

Show all filings for VERSO PAPER CORP.

Form 8-K for VERSO PAPER CORP.


26-Jun-2013

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;


Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On June 25, 2013, the New York Stock Exchange, or "NYSE," notified us that it has determined to commence proceedings to delist our common stock from the NYSE due to our failure to satisfy the NYSE's continued listing standard relating to market capitalization.

As previously disclosed, on December 21, 2011, the NYSE initially notified us that we had fallen below the NYSE's continued listing standard relating to market capitalization. To maintain our listing, the NYSE requires that we have an average market capitalization over a consecutive 30 trading-day period of at least $75 million. On February 6, 2012, we submitted to the NYSE a plan to achieve compliance with the market capitalization standard within 18 months after the initial notice from the NYSE, and the NYSE notified us of its approval of our plan on March 16, 2012. Our market capitalization exceeded the $75 million requirement during much of the 18-month plan period; however, we were not able to maintain such level at the end of the plan period as required by the NYSE. As of June 21, 2013, the last day of the plan period, our 30 trading-day average market capitalization was $60.5 million.

Under the NYSE's rules, we have the right to a review of the NYSE staff's delisting determination by a committee of the board of directors of the NYSE. We have notified the NYSE that we intend to seek such review. We expect that the NYSE will permit our common stock to continue trading on the NYSE during the review process.

On June 26, 2013, we issued a press release announcing that we had received the NYSE's delisting notice and that we intend to seek a review of the NYSE's determination. A copy of the news release is included as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits The following exhibits are included with this report. Exhibit
No. Description

99.1 Press release issued by Verso Paper Corp. on June 26, 2013.


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