Anti-pollution firm acts to stay on NYSE

Environmental meets most of new criteria


August 21, 1999|By Amanda J. Crawford | Amanda J. Crawford,SUN STAFF

Environmental Elements Corp. said yesterday that it is preparing a plan to meet new standards for being listed on the New York Stock Exchange.

The Baltimore provider of air-pollution-control systems is one of many companies that could be dropped from the Big Board unless they meet standards that became effective July 27.

The NYSE would not disclose the number of companies affected by the new standards, which include:

Market capitalization and stockholders equity of at least $50 million.

Market capitalization of at least $15 million over a 30-day trading period.

A minimum share price of $1 over a 30-day trading period.

Environmental Elements said it falls short of the first standard, but has a year to come into compliance.

As of yesterday, Environmental Elements had a market capitalization of $21.72 million. Stockholder equity was $7.9 million on June 30.

A spokeswoman with the New York Stock Exchange said the tougher standards are "about maintaining the highest-quality listing of companies."

Environmental Chairman Ted Verdery said, "The New York Stock Exchange is the most prestigious stock exchange in the world. It's obviously advantageous to be on [it]. But we're not going to do something just to meet these criteria. We're going to do what is best for the company."

Shares of Environmental Elements closed at $3.625, down 6.25 cents.

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