Dallas Blockbuster said late Tuesday that the New York Stock Exchange has approved the movie rental chain’s plan to boost its market cap and share price, which means Blockbuster’s listing will remain active on the Big Board pending quarterly reviews.
Blockbuster presented a plan to raise its market value to at least $75 million and its share price above $1 in order to remain a publicly traded company. The retailer said that it has until September 2011 to record an average market capitalization of at least $75 million within a 30-trading-day period.
Blockbuster won’t say how it will accomplish its plan, and has warned in regulatory filings that it could file for bankruptcy court protection, although management says it is seeking other ways to lighten a debt load totaling more than $900 million.
Watch for more news coming from Blockbuster on Thursday, as the retailer’s shareholders are scheduled to vote on board nominees during the June 24 annual meeting. Blockbuster is fighting the election of activist investor Gregory S. Meyer to its board of directors.