After its share price averaged less than $1 for 30 consecutive days, Genesis HealthCare, one of the nation's largest nursing-home companies, says it has received notice from the New York Stock Exchange that it is not in compliance with continued-listing standards.
Kennett Square-based Genesis, which is the biggest operator of such facilities in the Philadelphia region, received the NYSE notice on Nov. 22 and made the information public after the stock market closed Wednesday.
The company's stock has closed for less than $1 every day since Oct. 30. However, its market value in excess of $100 million is more than double the NYSE's $50 million limit.
On Thursday morning, the stock traded for 70 cents per share. Genesis has six months to get back into compliance with the exchange's minimum-share-price requirement.
Genesis said the NYSE notice would have no impact on its ability to complete its recently announced restructuring plans, which are expected to cut its annual rent by $54 million starting in January.
In its quarterly report for the three months ended Sept. 30, Genesis said it took a $532 million write-down and warned that it could face bankruptcy without the anticipated relief from landlords and other creditors.