By MATT BLOIS
Shares of the Franklin-based hospital chain Quorum will stay on the New York Stock Exchange after the company received a warning earlier this year.
In April, the stock exchange notified Quorum that its market capitalization was less than $50 million for a 30 day trading period, throwing it out of compliances with the requirements for listing.
Last month, the company submitted a plan showing the stock exchange how it plans to raise its market capitalization.
On Thursday afternoon, the company’s market capitalization was about $46.6 million. This year, Quorum shares dropped from a high of about $3.50 in January to a low of about $1.00 in April. On Thursday shares were selling for about $1.50.
In a press release, Quorum reported that the stock exchange had accepted the business plan. The company now has an 18-month period to raise its market capitalization to remain listed on the exchange.
The stock exchange will also be monitoring the company’s progress quarterly.