MONTPELIER, Vt. (AP) — A spokeswoman for FairPoint Communications says the company has been told its stock could be removed from the New York Stock Exchange because it has sold for less than $1 for 30 days.
As of mid-morning Wednesday, FairPoint stock was trading at 79 cents a share. In recent weeks, shares have sold at a low of 35 cents each.
When FairPoint purchased Verizon's landlines and Internet services in Vermont, New Hampshire and Maine in April 2008, its stock sold for $9.02 a share. But since then the company has had technical and financial problems.
Beth Fastiggi, a spokeswoman for FairPoint in Vermont, told the Times-Argus Tuesday this is the second warning on noncompliance the company has had, and that it is working on a recovery plan.
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