Theragenics Corporation (Theragenics), a medical device company for the cancer treatment and surgical markets, has received a letter on March 18, 2009 from the New York Stock Exchange (NYSE) notifying the company that it no longer satisfies one of the NYSE’s standards for continued listing. Pursuant to NYSE Rule 802.01B, a listed company must maintain shareholders’ equity of at least $75 million if its average market capitalization has been below $75 million for over the last 30 trading days.
The impairment charges and resulting net loss previously reported for the fiscal year ended December 31, 2008 reduced the company’s stockholders’ equity to $74.1 million, and the company’s average global market capitalization for the past thirty trading days has been below $75 million. Under the applicable NYSE procedures, the company has forty-five days from the receipt of such notice to submit a cure plan to the NYSE. This plan must demonstrate the company’s ability to achieve compliance with the continued listing standards within the next eighteen months. The company intends to submit a plan that will demonstrate compliance with the listing standard related to maintaining stockholders’ equity of at least $75 million within the required time frame.