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8-K - FORM 8-K - Skyline Champion Corp | d520611d8k.htm |
Exhibit 99.1
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NEWS RELEASE |
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
Subject: New York Stock Exchange Listing Standards Approved by: JON S. PILARSKI
ELKHART, INDIANA APRIL 12, 2013
SKYLINE RECEIVES NOTICE REGARDING NEW YORK STOCK EXCHANGE LISTING STANDARDS
On April 10, 2013, the New York Stock Exchange (NYSE) notified Skyline Corporation (Corporation) that it had fallen below the NYSEs continued listing standards. The Corporation is considered below criteria established by the NYSE due to the Corporations average market capitalization being less than $50 million over a consecutive 30 day trading-day period, and its last reported shareholders equity being less than $50 million.
In accordance with NYSE procedures, the Corporation has 45 days from receipt of the notice to submit a business plan to the NYSE demonstrating how it intends to regain compliance with the listing standards within 18 months (plan period). The Corporation intends to develop and submit a business plan within the required timeframe.
In the event the NYSE accepts the business plan, the Corporation will be subject to quarterly monitoring for compliance with the business plan. In addition, the Corporations stock will continue to be traded on the NYSE during the plan period, subject to compliance with other NYSE listing standards. If the NYSE does not accept the business plan, the Corporation will initiate an orderly transition to another exchange.
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