Company Notified by NYSE of Non-Compliance with Market
Capitalization Listing Standard
BearingPoint, Inc. (NYSE: BE) announced today that it will hold its 2008
Annual Meeting of Stockholders at 10 a.m. on Friday, Dec. 5, 2008, at
The Sheraton Premier at Tysons Corner, located at 8661 Leesburg Pike,
Vienna, Va.
At the annual meeting, stockholders will be asked to consider and vote
on proposals to:
-
Elect three directors to hold office until the 2011 annual meeting of
stockholders;
-
Ratify the appointment of Ernst & Young LLP as independent registered
public accounting firm for 2008; and
-
Approve an amendment to BearingPoint’s
Amended and Restated Certificate of Incorporation that would permit
BearingPoint’s Board of Directors to effect,
at their discretion, a reverse stock split of BearingPoint’s
common stock at a ratio within the range from one-for-ten to
one-for-fifty.
To cure BearingPoint’s continuing deficiency
in meeting the New York Stock Exchange’s (the
"NYSE") continued listing standard relating to minimum $1 average share
price, the Board is seeking approval of the reverse stock split to
attempt to return BearingPoint’s share price
to a level that will comply with this standard.
BearingPoint also announced that on Oct. 28, 2008, it was notified by
the NYSE that it is no longer in compliance with the NYSE's continued
listing standard requiring the Company to maintain a minimum average
market capitalization of $100 million over a consecutive 30 trading day
period.
BearingPoint remains in communication with the NYSE regarding its
efforts to achieve compliance with the NYSE’s
continued listing standards.
