James River Coal Co., which has mining operations in Letcher County, says its stock price and a late securities filing has prompted notice from Nasdaq that the company isn’t in compliance with the stock market’s rules.
The Richmond, Va.- based company said this week it received notice from Nasdaq that it’s not in compliance because its stock has closed below $1 per share for 30 business days.
James River says it has until Sept. 15 to regain compliance or its stock will be subject to delisting.
Nasdaq also told the company it wasn’t in compliance because it didn’t file its annual report on time.
James River says it couldn’t file the report because of its previously announced exploration of strategic options.
James River mines coal used to produce steel and for power generation in Kentucky, West Virginia and Indiana.
Meanwhile, two other large coal firms with operations in Letcher and surrounding counties have been downgraded on the stock market from “buy” to “hold.”
The global investment firm Jefferies downgraded both Arch Coal Inc. and Alpha Natural Resources, saying that sluggish met coal prices and the threat of another bust in natural gas prices are too much to merit continued recommendation of ACI and ANR.