McClatchy in line with new NYSE standard

McClatchy is back in compliance with one of the New York Stock Exchange’s continued listing standards, the newspaper publisher said Tuesday, after the NYSE lowered its market capitalization requirement.

The NYSE notified McClatchy (NYSE: MNI) of the deficiency on April 14. The stock exchange has since received approval from the Securities and Exchange Commission to amend its standard, which applies to the average market capitalization and shareholders equity through Oct. 31, 2009.

The average market capitalization requirement has been lowered from no less than $75 million over a 30-trading-day period to no less than $50 million over a similar period. Similarly, the stockholders’ equity requirement has been lowered from no less than $75 million to no less than $50 million. As a result, McClatchy is now considered to be in compliance under the amended standard.

McClatchy — publisher of The Sacramento Bee and 29 other daily newspapers — also announced in February that it was 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 after McClatchy’s stock price fell to less than $1 over a consecutive 30-day trading period.

That standard was subsequently suspended through June 30. McClatchy now has until Dec. 7 to bring the company into compliance with this listing standard.