Nashville racetrack owner gets NYSE notice

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Nashville racetrack owner gets NYSE notice

Written by Administrator

Tuesday, 19 January 2010 15:41

Dover Motorsport Inc., owner of the Nashville Super speedway, has been notified by the New York Stock Exchange that it must regain compliance with the NYSE’s continued listing standards for total market capitalization and shareholder equity.

The company is considered below criteria for the continued listing standards because, as of Friday, its 30 trading-day average market capitalization was $61.9 million, which was less than the $75 million required, and its most recently reported stockholders equity was $67.4 million, also less than the $75 million required.

Under NYSE rules, Dover has until April 3 to submit a plan to the NYSE to demonstrate its ability to achieve compliance with the continued listing standards within 18 months.

Dover, Del.-based Dover Motor sports Inc. (NYSE:DVD) also owns Dover International Speedway in Dover, Del., and Gateway International Raceway in Madison, Ill.

The company has reached a deal to sell Memphis Motor sports Park in Memphis, Tenn., to Gulf Coast Entertainment for $10 million.

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