The McClatchy Co., owner of The News & Observer, The Charlotte Observer and 28 other daily newspapers, has escaped a de-listing threat from the New York Stock Exchange, the firm reports.
The NYSE said in February that the publisher’s stock must maintain an average value of at least $1 for 30 days before January 7 or it would be taken off of the board. McClatchy said in a news release Friday that it has met compliance standards.
McClatchy stock, which had reached a high of $74.50 in April 2005 before missing an earnings call and beginning to tumble, fell to a low of 44 cents in July. Through layoffs and other expense cuts, the firm posted a profit for the second quarter of 2009 and the stock jumped as high as $2.29 a share in July. So far this month, it has bounced between $1.99 and $1.71 per share.