Virgin Mobile out of NYSE doghouse

It was only November when we learned that Virgin Mobile faced delisting on the New York Stock Exchange. Their valuation had fallen lower than NYSE standards, so they had 45 days to submit a business plan. On Friday we learned that the NYSE accepted the company’s business plan. There was little doubt that this would be the outcome, but the folks at Virgin Mobile have to be pleased.

Virgin now has until May of this year to “comply with the share price standard.” This means a dollar per share or more. The stock closed on Friday at 80 cents per share. They’ll have until May 2010 to comply with the market capitalization standard, which is $100 million. According to their profile at Yahoo! Finance, if I’m reading this right, their Market Cap is at $43.06 million.

Virgin added 216,000 net subscribers in the fourth quarter as they benefited from many people shedding their contract plans for prepaid. They’ll need to see gains over the next few quarters, I’m sure, in order to meet compliance.

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