Vonage Holdings receives notice from the NYSE

Wed. February 11, 2009; Posted: 07:32 AM

Feb 11, 2009 (M2 EQUITYBITES via COMTEX) -- VG | Quote | Chart | News | PowerRating -- Vonage Holdings Corp (NYSE: VG | Quote | Chart | News | PowerRating) , a provider of broadband telephone services, announced on Tuesday (10 February) that the company has received a notification from the New York Stock Exchange (NYSE) that the company is not in compliance with the continued listing standard.

NYSE's listing standard requires a minimum average global market capitalisation of not less than USD100m over a consecutive 30 trading-day period.

The company sad that it intends to notify the NYSE that it will submit a plan within 45 days from the receipt of the NYSE notice that demonstrates its ability to regain compliance within 18 months.

Upon receipt of Vonage's plan, the NYSE has 45 calendar days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period.

The NYSE can either accept the plan, at which time the company will be subject to ongoing monitoring for compliance with this plan, or the NYSE can reject the plan and the company will be subject to suspension and delisting proceedings.

Vonage said that during this cure period, the company's shares will continue to be listed and traded on the NYSE, subject to the company's compliance with other NYSE continued listing standards.

The company stated that its business operations, credit agreement and Securities and Exchange Commission reporting requirements are unaffected by this notice.

Comments on this story may be sent to admin@m2.com

For full details on Vonage Holdings Corp (VG) click here. Vonage Holdings Corp (VG) has Short Term PowerRatings of 6. Details on Vonage Holdings Corp (VG) Short Term PowerRatings is available at This Link.

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