Dollar Thrifty not delisted from NYSE

The Dollar Thrifty Automotive Group has said that it will continue to list on the New York Stock Exchange (NYSE) even though it does not currently met minimum market capitalization requirements.

Late on Monday, the rental car company revealed that the NYSE would not begin delisting proceedings even though it did not meet the $25 million minimum market capitalization requirement of the exchange during the 30 days that ended December 22.

According to Dollar Thrifty, the NYSE considered the financial volatility of the current market in making its decision, and the exchange proposed a temporary lowering of the requirement to $15 million.

The NYSE expects that the temporary minimum capitalization requirement to remain in effect until April 22.

“We are pleased that the NYSE has demonstrated some flexibility on their listing standards during these exceptional times,” said Scott Thompson, the president and chief executive of the exchange.

The rental car industry has felt the impact of the growing decline in both business and leisure travel. Consumers have reduced discretionary spending as they attempt to deal with the housing downturn, the rising cost of food, the credit crunch and concerns over unemployment.

In the U.S. and Canada combined, Dollar Thrifty has over 800 rental locations. Last October the company announced that it would cut its workforce by six percent, eliminating 400 jobs, as it attempted to adjust to changing economic conditions.

Thanks to www.forbes.com for the above quotes, for more information on this article please visit their website.

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