Grubb & Ellis Stock Faces Possible Delisting

SANTA ANA, CA-Grubb & Ellis Co. has received notice from the New York Stock Exchange that it is not in compliance with listing standards that require a minimum average closing price of $1 per share over 30 consecutive trading days. The notice is the second such warning that Grubb & Ellis has received in the past two years from the NYSE, which notified the Santa Ana-based company in August 2009 that it was not in compliance with listing standards. In that case, it was because the company’s total market capitalization had been less than $50 million over a consecutive 30-trading-day period and its last reported stockholders’ equity was less than $50 million.

Grubb & Ellis remained listed after the 2009 notice, and it has up to a six-month period from the date of this latest notification “to cure this deficiency,” according to a company statement. As required, Grubb & Ellis said, it will notify the NYSE that it intends to cure the deficiency. The company’s stock was trading at 69 cents at mid-morning Monday, down a penny for the day.