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Magnetek, Inc.: Notice of Non-Compliance
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Magnetek, Inc. Receives Notice from NYSE of Non-Compliance with Continued Listing Standards
Tuesday December 2, 6:37 pm ET
MENOMONEE FALLS, Wis.-- Magnetek, Inc. (“Magnetek” or the “Company”) announced today that, on November 26, 2008, the Company received official notification from NYSE Regulation, Inc. of non-compliance with the continued listing standards of the New York Stock Exchange (“NYSE”). The Company is considered below criteria established by the NYSE because the Company’s total market capitalization has been less than $75 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $75 million.
In accordance with NYSE procedures, the Company has 45 days from the receipt of the notice to submit a business plan to the NYSE demonstrating how it intends to regain compliance with the NYSE’s continued listing standards within 18 months. Magnetek intends to develop and submit such a plan within the required time frame. The stock will continue to trade on the NYSE during the interim period, subject to the Company’s compliance with other NYSE continued listing requirements.
Magnetek, Inc. manufactures digital power and motion control systems used in material handling, people moving and energy delivery. The Company is headquartered in Menomonee Falls, Wis. in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, Pa., Canonsburg, Pa. and Mississauga, Ontario, Canada as well as Menomonee Falls. On August 13, 2008, the Company reported revenues of $100 million for its 2008 fiscal year, which ended June 29, 2008.
Contact:
Magnetek, Inc.
Marty Schwenner, Vice President, Chief Financial Officer
262-703-4282
[email protected]
Source: Magnetek, Inc.
Magnetek, Inc. Receives Notice from NYSE of Non-Compliance with Continued Listing Standards
Tuesday December 2, 6:37 pm ET
MENOMONEE FALLS, Wis.-- Magnetek, Inc. (“Magnetek” or the “Company”) announced today that, on November 26, 2008, the Company received official notification from NYSE Regulation, Inc. of non-compliance with the continued listing standards of the New York Stock Exchange (“NYSE”). The Company is considered below criteria established by the NYSE because the Company’s total market capitalization has been less than $75 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $75 million.
In accordance with NYSE procedures, the Company has 45 days from the receipt of the notice to submit a business plan to the NYSE demonstrating how it intends to regain compliance with the NYSE’s continued listing standards within 18 months. Magnetek intends to develop and submit such a plan within the required time frame. The stock will continue to trade on the NYSE during the interim period, subject to the Company’s compliance with other NYSE continued listing requirements.
Magnetek, Inc. manufactures digital power and motion control systems used in material handling, people moving and energy delivery. The Company is headquartered in Menomonee Falls, Wis. in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, Pa., Canonsburg, Pa. and Mississauga, Ontario, Canada as well as Menomonee Falls. On August 13, 2008, the Company reported revenues of $100 million for its 2008 fiscal year, which ended June 29, 2008.
Contact:
Magnetek, Inc.
Marty Schwenner, Vice President, Chief Financial Officer
262-703-4282
[email protected]
Source: Magnetek, Inc.