Business News

McClatchy Receives Continued Listing Standards Notice From NYSE

Monday 20. April 2009 - The McClatchy Company (NYSE: MNI) reported that on April 14, 2009, it was notified by the New York Stock Exchange (NYSE) that it is not in compliance with the exchange's continued listing standard for total market capitalization and shareholders' equity.

NYSE continued listing standards applicable to the company include average market capitalization of no less than $75 million over a 30-trading-day period and stockholders’ equity of no less than $75 million.
The company is now considered below the criteria for the continued listing standards because as of April 8, 2009, McClatchy’s total market capitalization was less than the minimum of $75 million over a consecutive 30-trading-day period and its last reported stockholders’ equity on its most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) was $52.4 million, also less than $75 million.

In accordance with NYSE procedures, McClatchy has 45 days from the receipt of the notice to submit a plan to the NYSE demonstrating how it intends to comply with the NYSE’s continued listing standards within 18 months from the receipt of the notice. McClatchy intends to develop a plan to bring the company in compliance with the listing standards within the required timeframe.

McClatchy previously announced in February 2009 that it had been notified by the NYSE that it is not in compliance with the NYSE’s continued listing standard for the average price per share of the company’s Class A publicly traded common shares of less than $1.00 over a consecutive 30-trading-day period. Subsequently, the NYSE announced that this standard was temporarily suspended through June 30, 2009 and McClatchy has until at least December 7, 2009 to bring the company in compliance with this listing standard.