Pulse Electronics Corp., a San Diego-based maker of electronic components, said it has been notified by the New York Stock Exchange that it is not in compliance with the exchange’s minimum listing requirements covering market capitalization.
The company said it is below the NYSE minimum requirement for average total market capitalization over 30 consecutive trading days of greater than $50 million when its last reported shareholders’ equity was less than $50 million.
Pulse said it has 45 days to come up with a plan to demonstrate how it will comply with NYSE’s rules within a nine-month period.
The company said its business operations, credit agreement and securities reporting requirements are not affected by the notice.
As of July 3, shares of the company, traded under PULS, were at $2.72, giving it a market capitalization of $34.4 million. Over the past 52 weeks, the stock has ranged from $2.50 to $6.96.
Pulse has run into NYSE listing requirement problems on two prior occasions in 2012 involving both the stock price and its market capitalization.
Last year, Pulse reported a net loss of $27 million, compared with a net loss of $32 million in 2012. At the end of 2013, it reported a shareholders deficit of negative $53.5 million, compared with negative $49.5 million at the end of 2012.