Three months after Genesis Healthcare, Inc. (NYSE: GEN) received a delisting warning from the New York Stock Exchange, the skilled nursing provider is back in the exchange’s good graces.
The Kennett Square, Pa.-based company on Thursday announced that it has once again met the NYSE’s continuing listing standard and will shed the “.BC” — for “below compliance” — that has been tacked onto its ticker symbol since November 30.
Companies with share prices below $1 for more than 30 consecutive trading days face delisting warnings, which Genesis received late last fall. In order to regain continued-listing status, below compliance firms must log 30 straight trading days above $1 per share; Genesis achieved that goal at the market close on Wednesday.
Genesis has faced considerable difficulties in recent months, unveiling a restructuring plan with top landlords Welltower, Inc. (NYSE: HCN) and Sabra Health Care REIT (Nasdaq: SBRA) in November.
The company has yet to set a date for its fourth quarter 2017 earnings release or conference call.
GEN stock was trading at $1.25 per share, down 6.72%, at the time of the announcement.
Written by Alex Spanko