Xerium Technologies, Inc. (NYSE: XRM), a leading global manufacturer of
industrial textiles and rolls used primarily in the paper production
process, today announced that the New York Stock Exchange (NYSE) has
accepted the Company’s plan for continued listing on the NYSE. As a
result, Xerium’s common stock will continue to be listed on the NYSE
during the compliance period, subject to quarterly reviews by the NYSE
to monitor the Company’s progress against the plan.
Xerium previously announced that on December 29, 2008, it was notified
by the NYSE that it was not in compliance with two NYSE standards for
continued listing of the Company’s common stock on the exchange because
the average closing price of the Company’s common stock was less than
$1.00 per share over a consecutive 30 trading day period, and the
Company’s average total market capitalization was less than $75 million
over the same period and its most recently reported stockholders’ equity
was less than $75 million.
As a result of the NYSE’s acceptance of the plan, Xerium has 18 months
from the original notification date in which to regain compliance with
the average market capitalization standard, subject to its compliance
with the NYSE’s other continued listing requirements. With respect to
the $1.00 minimum price standard, the Company initially had six months
from the date of receipt of the notification from the NYSE to bring its
share price and average share price over $1.00. However, the NYSE has
suspended the $1.00 minimum price requirement through June 30, 2009.
Once the NYSE reinstitutes the average share price standard, Xerium’s
six-month compliance period will recommence, and the company will have
the remainder of the period in which to regain compliance with the
standard. Failure to make progress consistent with the plan or to regain
compliance with the continued listing standards could result in the
Company’s common stock being delisted from the NYSE.
About Xerium Technologies
Xerium Technologies, Inc. (NYSE: XRM) is a leading global manufacturer
and supplier of two types of consumable products used primarily in the
production of paper: clothing and roll covers. The Company, which
operates around the world under a variety of brand names, utilizes a
broad portfolio of patented and proprietary technologies to provide
customers with tailored solutions and products integral to production,
all designed to optimize performance and reduce operational costs.
