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Kodak could be delisted from NY stock exchange

Kodak camera
The troubled camera firm has 6 months to shape up its finances
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The once iconic photography firm, Eastman Kodak Co, has been warned it could be removed from the New York Stock Exchange if it fails to boost its share price.

Shares in Kodak fell by more than 80% in 2011, with its average closing share price below $1.00 for 30 straight days leading to the warning from the stock exchange.

On Tuesday, shares closed at 76 cents per share. The exchange has given Kodak six months to turn its fortunes around, but in a statement, Kodak said it may not be able to meet the requirements, "given the liquidity challenges confronting the company and the recent market experience with our listed securities."

Terms

Kodak also needs to have a closing share price of at least $1 on the last day of trading day of any calendar month and have an average closing price of at least $1 over the 30 trading-days prior to that.

Kodak has seen its fortunes take a hit, with $862 million in its cash reserves at the end of September, down from $1.4 billion a year earlier. It warned in November that it may not survive 2012 if it couldn't find a further $500m.

At the very end of 2011, three of its directors resigned, leaving it with 11 board members including the chief executive Antonio Perez. The company has been staving off rumours of bankruptcy for several months.

Via Reuters

Amy has been writing about cameras, photography and associated tech since 2009. Amy was once part of the photography testing team for Future Publishing working across TechRadar, Digital Camera, PhotoPlus, N Photo and Photography Week. For her photography, she has won awards and has been exhibited. She often partakes in unusual projects - including one intense year where she used a different camera every single day. Amy is currently the Features Editor at Amateur Photographer magazine, and in her increasingly little spare time works across a number of high-profile publications including Wired, Stuff, Digital Camera World, Expert Reviews, and just a little off-tangent, PetsRadar.