NYSE puts Cash Store listing under review

Cash Store Financial Services has been notified by the New York Stock Exchange that it no longer meets the exchange’s listing requirements.

The struggling Edmontonbased payday loans provider, whose shares closed Tuesday at a multi-year low, said it was informed by the NYSE on April 2 that Cash Store’s market capitalization no longer meets the exchange’s minimum threshold.

At Tuesday’s closing price of $2.25 US in New York, Cash Store’s market cap is currently less than $40 million. Over a recent consecutive 30-day trading period, Cash Store’s market cap fell below the NYSE’s minimum $50 million floor.

At the same time, share- holders’ equity fell below $50 million, another violation of the NYSE’s requirements.

To retain its stock market listing, Cash Store said it must submit a plan to the NYSE by July 2, demonstrating how it intends to comply with the listing standards within the next 18 months. Cash Store said it intends to submit such a plan.

Meanwhile, during the 18-month period, Cash Store’s shares will continue to trade on the NYSE, subject to compliance with other NYSE continued listing standards, the company said.

Cash Store’s listing on the Toronto Stock Exchange is not affected, the company added. In light trading on the TSX Tuesday, Cash Stores shares fell seven cents to $2.28 (Cdn) apiece, the lowest level in nine years.