Memphis, Tennessee, USA, 06 February 2009 – Verso Paper Corp. (NYSE:VRS) announced today that the New York Stock Exchange has notified the company that it has fallen below the NYSE’s continued listing standard relating to the price of its common stock. The NYSE requires that the average closing price of a listed company’s common stock be above USD 1.00 per share over a consecutive 30 trading-day period. As of 02 February 2009, the date of the NYSE notice, the 30 trading-day average closing price of Verso’s common stock was USD 0.96 per share.
Mike Jackson, president and chief executive officer of Verso, commented, “We do not believe that Verso’s current stock price is indicative of the strong financial condition of the company. Verso has ample liquidity and is well positioned to fund its operations and anticipated growth.”
Under the NYSE’s rules, Verso has a period of six months from the date of the NYSE notice to bring its share price and 30 trading-day average share price back above USD 1.00. During this period, Verso’s common stock will continue to be traded on the NYSE, subject to the company’s compliance with other NYSE continued listing requirements. As required by the NYSE, to maintain its listing, Verso will notify the NYSE by 17 February 2009, that it intends to cure the price deficiency.
Based in Memphis, Tennessee, Verso Paper Corp. is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered and specialty products. Verso’s paper products are used primarily in media and marketing applications, including magazines, catalogs, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising. Additional information about Verso is available at www.versopaper.com.