RICHMOND, Va. (AP) — James River Coal Co. 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 Monday 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.