U.S. Concrete Inc. is at risk of being delisted from the NASDAQ exchange.
The Houston-based concrete products maker said its stock price has
closed below the minimum $1 per share for continued listing under
NASDAQ marketplace rules.
U.S. Concrete (NASDAQ: RMIX) has been given until Sept. 7 to regain
compliance. The company’s stock will need to close at $1 or higher for
a minimum of 10 consecutive business days in order for the firm to
regain compliance.
The stock was trading at 58 cents as of Tuesday morning. It has traded as high as $2.75 in the past year.
In February, the company said it would explore ways to restructure
its finances. It got a waiver allowing it to delay an April 1 interest
payment until April 30.
Also, a lender on its senior credit facility agreed to temporarily
lower a trigger on its loan from $25 million to $20 million, in effect
giving the firm $5 million in short-term liquidity.
At that time, U.S. Concrete also said it had hired Lazard Freres
& Co. and AlixPartners as financial advisers, and Kirkland &
Ellis LLP as its legal adviser, to help it evaluate “potential
alternatives to strengthen its balance sheet.”