Arch Coal has postponed for "administrative purposes" its reverse stock split that was designed to try to remain eligible for trading on the New York Stock Exchange.
The company had originally planned to convert 10 shares of common stock into one at the close of business today. That conversion has been postponed to the close of business on 3 August.
The move will cut the number of shares outstanding to 21.3mn from 213mn in a move the company hopes will boost its share price. Arch will pay cash based on the value of the company's stock for any fraction of a share that shareholders would end up receiving in the exchange.
The NYSE warned Arch on 21 May that it was in danger of being delisted because the 30-day average for its share price had fallen below the $1 minimum requirement.
Arch's shares were trading at 20¢/share on 24 July, down 3-4¢ over the week.
Arch is among a number of coal producers whose stocks are suffering from the industry's weak market conditions.
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