By Bill Zeeble, KERA News
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-908965.mp3
Dallas, TX – Dallas based Blockbuster says it has worked out a plan to stay on the New York Stock Exchange, but some of it is secret. KERA's Bill Zeeble has more.
To stay listed on the New York exchange, companies must meet several requirements. In the case of Blockbuster, the nation's largest video rental business, it needs to maintain a certain market value over 30 days.
Blockbuster says it now has a confidential agreement with the exchange to stay listed until September of next year to meet the requirement. Companies must also maintain a stock share price of at least a dollar. Blockbuster hasn't done that for months.
A share now sells for less than 30 cents. So stockholders will be asked at the annual meeting Thursday to ok' a relatively rare move - a reverse stock split. If approved, a share would be worth more, & stockholders would own fewer shares.