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CBL Properties plans reverse stock split to regain NYSE compliance

CBL Properties intends to take necessary steps to cure its share price noncompliance, including through a reverse stock split of the company's common stock, after receiving a compliance notification from the NYSE.

The company received a notification from the NYSE that the company's stock has failed to meet the exchange's minimum average closing price criteria of at least $1.00 over a consecutive 30-trading-day period.

It said it has a six-month period from the date of the NYSE notification to regain compliance or until the company's next annual meeting of stockholders to secure the stockholders' approval to cure the share price noncompliance.

During the six-month period, the company's common stock will continue to be listed and trade on the NYSE, subject to other NYSE continued listing requirements.