Eastman Kodak Co may be kicked off the New York Stock Exchange if it cannot boost its share price over the next six months, the latest blow to the once iconic photography company that was once a blue chip stock.
The company, whose shares fell more than 80 percent in 2011, received a warning from the New York Stock Exchange notifying it its average closing price was below $1.00 for 30 straight days.
Its shares, which hovered in the $90 range in 1997, closed at 76 cents per share on Tuesday. Kodak was a member of the Dow Jones Industrial Average from 1930 until 2004.
Kodak warned in the statement it may not be able to meet the New York Stock Exchange's listing requirements "given the liquidity challenges confronting the company and the recent market experience with our listed securities."
In order to stay on the exchange, Kodak has six months to have a closing share price of at least $1.00 on the last trading day of any calendar month and have an average closing price of at least $1.00 over the 30 trading-days prior to that.
A Kodak spokesman said he had no further comment on Tuesday beyond the statement.
The photography giant, which had $862 million in cash at the end of September, down from $1.4 billion a year earlier, warned in November it might not survive 2012 if it cannot find $500 million in new debt or sell patents.
In late December, the company announced the resignation of three directors, including two representatives of private equity firm KKR & Co and a professor from the University of California, leading some industry experts to speculate a Chapter 11 filing was imminent.
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