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IDT Corporation (NYSE: IDT; IDT.C) said today that it has received
notice from the New York Stock Exchange (NYSE) that it has regained
compliance with the NYSE’s minimum share price listing requirement. The
Company continues to work to regain compliance with the NYSE’s average
global market capitalization listing requirement.
On April 8, 2009, the NYSE notified IDT that the stock price for each of
IDT’s listed equity securities (IDT and IDT.C) was above the NYSE’s
minimum requirement of a $1.00 average share price over the preceding 30
trading days and a $1.00 share price on the close of the last trading
day of the six-month cure period (April 8, 2009), thus restoring IDT’s
compliance with the minimum share price requirement for continued
listing on the NYSE. In this regard, IDT implemented a one-for-three
reverse stock split for each class of its outstanding shares effective
with the start of trading on February 25, 2009. As of April 8, 2009, the
30 trading day average share closing price of IDT common stock and IDT
Class B common stock was $1.07 and $1.17, respectively. On April 8,
2009, IDT common stock and Class B common stock closed at $1.19 and
$1.28, respectively.
In December 2008, IDT announced that the NYSE had accepted the Company’s
business plan submission to regain compliance with the NYSE’s global
market capitalization listing requirement. Although IDT has complied
with the minimum share price requirement, IDT’s continued listing is
subject to quarterly reviews of IDT’s progress toward satisfying the
interim goals and milestones outlined in its NYSE submission. Failure of
IDT to meet these interim objectives could result in IDT being subject
to NYSE trading suspension. IDT has until March of 2010 to meet the
NYSE’s $100 million average global market capitalization listing
requirement.
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a multinational holding company focused on the telecommunications and
energy industries. IDT Corporation’s Class B Common Stock and Common
Stock trade on the New York Stock Exchange under the ticker symbols IDT
and IDT.C, respectively.
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those with the words
“believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,”
“target” and similar expressions, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.
IDT Corporation
Investor Relations:
Bill Ulrey, 973-438-3838
