American Axle Will Stay Listed on NYSE
American Axle & Manufacturing Holdings, Inc. (AAM) of Detroit, Mich., was informed by the New York Stock Exchange (NYSE) in March 2009 that its stock was in danger of being de-listed because its total market capitalization and stockholders' equity had fallen below minimum requirements. AAM was then required to submit a plan within 45 days to demonstrate its ability to achieve compliance with the continued-listing standards within the allotted 18-month cure period. In the meantime, the NYSE received approval from the SEC for a pilot program that lowers the continued-listing thresholds related to average market capitalization and stockholders' equity to $50 million (from $75 million).
As of May 12, 2009, AAM's 30-day average market capitalization was $83 million. As a result, AAM was notified that it has regained compliance with NYSE's continued-listing standards.