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The NYSE has filed two rule changes regarding its continued listing standards with the SEC.

The NYSE permanently lowered its average global market capitalization continued listing standard from $25 million to $15 million. In addition, the NYSE also extended through July 31, 2009 the suspension of the application of its price criteria for capital and common stock.

These rule changes, filed on June 30, 2009, are effective immediately.

Average Global Market Capitalization Lowered

Section 802.01B of the NYSE Listed Company Manual provides that the NYSE will promptly delist any company if it is determined that the company has an average global market capitalization over a 30-trading day period of less than $25 million. On January 20, 2009, taking into account the market conditions over the prior twelve months, the NYSE lowered the average global market capitalization listing standard from $25 million to $15 million until April 22, 2009. The NYSE subsequently extended this period until June 30, 2009. On June 30, the NYSE permanently lowered its average global market capitalization continued listing standard from $25 million to $15 million.

In adopting this permanent change, the NYSE noted that it was reverting back to the listing standard amount as it existed prior to certain amendments adopted in 2004, and that the 2004 changes were made at a time when stock prices generally were far higher than they are currently. The NYSE also explained that the change was necessary since, unlike its other qualitative listing standards, Section 802.01B does not provide companies with any period of time to take steps to attempt to regain compliance with the standard.

Average Closing Price Suspension Extended Until July 31, 2009

Under the NYSE continued listing standards, a company may be delisted from the NYSE if, among other matters, the average closing price of the company’s listed stock over a consecutive 30-trading day period is less than $1. The US and global equity markets have experienced extreme volatility since early 2008. In response to this volatility, on March 4, 2009, the NYSE suspended the application of the $1 continued listing standard set forth in Section 802.01C of the NYSE Manual. The initial suspension was effective until June 30, 2009. The latest action by the NYSE extends this temporary suspension through July 31, 2009.