YRC Worldwide Inc. today announced that the company received a positive determination from the NASDAQ Hearings Panel (the "Panel") indicating that the Panel had granted the company's request to remain listed on The NASDAQ Stock Market.
In its decision, the Panel indicated that it had determined to exercise its discretionary authority to apply NASDAQ's financial viability exception retroactively to the company based upon the particular facts and circumstances and to continue the company's listing on NASDAQ, subject to certain conditions. In accordance with the terms of the Panel's decision, on or before December 31, 2011, the company must implement a reverse stock split and demonstrate a closing bid price for its common stock above $1.00 per share for a minimum of ten consecutive trading days.
The company must also be able to demonstrate compliance with all requirements for continued listing on NASDAQ. The company is seeking stockholder approval of a reverse stock split at its annual meeting of stockholders scheduled to be held November 30, 2011, with the ratio and timing of implementation of the reverse stock split at the discretion of the company's board of directors if the reverse stock split is approved by stockholders.
"We are very pleased with the NASDAQ Hearings Panel's decision and the positive news it means for YRC Worldwide," said James Welch, chief executive officer - YRC Worldwide. "As we continue to move our company forward, we remain focused on our number one priority — providing our customers with reliable transportation solutions."
"We truly value our long-term relationship with NASDAQ and we look forward to continuing to be a part of this important Exchange," said Jamie Pierson, interim chief financial officer - YRC Worldwide.
As previously disclosed, the company appealed the NASDAQ Listing Qualifications Staff's determinations that the company's common stock should be delisted from NASDAQ because the company had issued certain securities in connection with the restructuring consummated on July 22, 2011 in violation of the NASDAQ Listing Rules, such issuance had raised public interest concerns, and the company's common stock had traded below the minimum bid price threshold of $1.00 per share for 30 consecutive business days.