Bad economy is hurting everyone. And now Virgin Mobile USA has received a warning from the New York Stock Exchange that it is not in compliance with certain listing criteria. The Company is considered below the applicable standards because the average market capitalization of its Class A common stock and substantial equivalents,  over a period of 30 trading days is less than US$100 million. As of November 11, 2008, the Company’s 30 trading-day average market capitalization was approximately $89.8 million.

Under NYSE regulations, Virgin Mobile USA has 45 days from receipt of the notice to submit a business plan that demonstrates the Company’s ability to restore compliance with the continued listing criteria within 18 months. Virgin Mobile USA has notified the Exchange of its intention to submit this plan on a timely basis and to work closely with NYSE staff to assess its performance relative to the plan.

In addition, the Company expects to receive notification from the NYSE that the average share price of its Class A common stock has been less than $1.00 per share for 30 trading days. In order for the Company to comply with NYSE regulations, the average closing share price of its Class A common stock must average or exceed $1.00 per share for 30 consecutive trading days.

 

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