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HOUSTON - The parent of ExpressJet Airlines said Wednesday it was notified by the New York Stock Exchange that its shares could be delisted if they don't rise in price.
| XJT | 0.2 |  0 |
It's the latest setback for ExpressJet Holdings Inc., which said this month that ExpressJet Airlines would stop flying in September and won't provide Delta Connection feeder service for Delta Air Lines. The company plans to continue operating a similar service for Continental Airlines.
The Houston-based company said in a Securities and Exchange Commission filing that it got the delisting notice on Friday because it has failed to maintain an average closing price of $1 over 30 straight trading days.
The company said it intended to tell the NYSE "of our intention to cure this deficiency."
ExpressJet said it has six months to comply with the rule on minimum share price or face suspension and delisting procedures.
ExpressJet was spun off from Continental in 2002.
Shares of ExpressJet fell 13 cents, to 39 cents, in regular trading Wednesday. They last closed above $1 on June 23.
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