JCPenney is in danger of its stock getting booted off the New York Stock Exchange because its share price is too low.
The company said NYSE notified it that the company has six months to get its share price back above $1 a share or to take steps to win shareholder approval of a reverse stock split. In a reverse stock split, companies cut the number of shares on the market, boosting the stock price.If JCPenney can't comply, the exchange would delist its stock. JCPenney said it is considering seeking a reverse stock split.
Read MoreShares plunged 17% in trading that day following the report, prompting JCPenney to issue a statement that"given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy."If a company is delisted, its shares can still be traded off from the exchange, in what is known as"over-the-counter" trades.
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