Cybex regains Nasdaq compliance
On the heels of its lawsuit settlement and subsequent stock price surge, Cybex International (Nasdaq:CYBI) has regained compliance with Nasdaq.
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On the heels of its lawsuit settlement and subsequent stock price surge, Cybex International (Nasdaq:CYBI) has regained compliance with the Nasdaq stock market.
The Medway, Mass.-based fitness equipment manufacturer previously faced possible delisting from the Nasdaq on the conditions that its stock price was below $1 per share and its stockholders’ equity was less than $10 million.
Cybex officials said both noncompliance issues were a direct result of the unfavorable $66 million lawsuit verdict it faced, which was recently settled for $19.5 million, reducing the financial burden on the company and allowing it to remain in business.
Investors cheered the settlement news, plus strong fourth-quarter 2011 earnings, sending Cybex’s stock price up 300 percent within the past month to $2.20 per share, helping the company regain compliance.