Todd Shipyards approved for continued NYSE listing

Todd Shipyards Corporation (NYSE:TOD) says that the New York Stock Exchange has told it that the exchange has received approval from the SEC for a pilot program, effective immediately, that would lower the criteria in the NYSE's continued listing standards to $50 million of market capitalization or shareholder's equity from the previous criteria of $75 million.

As a result, the NYSE has deemed Todd to be in compliance with the NYSE continued listing requirements.

The NYSE informed Todd that the pilot program would be effective through October 31, 2009, with a subsequent rule filing anticipated prior to that date to make this a permanent continued listing standard change. At the close of the market on June 5, Todd's market capitalization was approximately $87.5 million.

In November, the NYSE notified Todd that it was no longer in compliance with the continued listing standards as its market capitalization was less than $75 million over a 30 trading-day period and its shareholders' equity was less than $75 million.

On February 4, 2009, Todd reported that the NYSE had accepted its proposal for continued listing subject to quarterly reporting requirements.