National Coal to appeal delisting by Nasdaq

KNOXVILLE — National Coal Corp. plans to appeal a Nasdaq decision to delist the Knoxville company’s stock because it doesn’t meet the minimum standards for continued listing.

The company said Nasdaq notified it July 8 of the pending delisting since the coal mining company’s common stock closed at a per share bid price of less than $1 for 30 consecutive business days. Nasdaq also said the market value of National Coal’s common stock was less than $15 million for 30 consecutive business days.

The stock was trading at 54 cents a share today.

Nasdaq initially informed National Coal on Jan. 5 that the company was in violation of its listing rules and gave it 180 days to get in compliance.

“We are going to appeal this decision because we believe that our stock can perform at the levels needed to stay listed on the Nasdaq Global Market,” National Coal President and CEO Daniel Roling said in a statement. “My main concerns are increasing sales, reducing costs and improving operations while we work to refinance our debt by the end of the year. I believe that meeting these challenges will restore the value of our stock.”

National Coal, which mines coal in East Tennessee, has about 155 employees and sells steam coal to electric utilities and industrial companies in the Southeast.

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