HOLMDEL, N.J. (AP) – Internet phone service provider Vonage Holdings Corp. said Monday it has regained full compliance with the New York Stock Exchange's requirements for its stock to remain listed on the exchange.
In September, Vonage returned to compliance with the NYSE requirement that a company's stock close at a minimum average price of $1 a share over 30 straight trading days. Vonage was one of scores of companies that had violated the so-called "One Dollar Rule" following the market downturn of late 2008.
Now Vonage also has returned to compliance with the exchange's rules for total market value, the company said. The rules require average market capitalization of at least $100 million over a 30-day trading period. Vonage said its market capitalization was $286 million as of last Friday.
Holmdel-based Vonage said the exchange's approval, granted on Friday, came several months earlier than required. It is a result of Vonage's "sustained, positive financial performance consistent with the business plan the company presented to the NYSE in March of 2009," the company said.
Vonage shares were unchanged in trading Monday at $1.43.