US Chemtura stock in danger of being de-listed

20 February 2009 22:40  [Source: ICIS news]

HOUSTON (ICIS news)--US specialty chemical producer Chemtura is in danger of being de-listed from the New York Stock Exchange (NYSE) due to its falling share value, the company said on Friday.

Connecticut-based Chemtura said the NYSE alerted it that its share price had remained below $1.00/share (€0.79/share) for 30 consecutive days.

The company has six months to bring its share price above $1.00/share before being removed from the exchange, according to Chemtura.

Moody’s Investors Services lowered its ratings for Chemtura on 5 February due to $370m in maturing debt and weak sales. 

The company reported sales of $690m for the three months ended 31 December, down from $891m in 2007 fourth-quarter.

Chemtura stock closed at 62 cents/share on the NYSE on Friday with 242m share outstanding.

($1 = €0.79)

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By: Ben Lefebvre
+1 713 525 2653

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