HOLMDEL, N.J., Sept 28, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Vonage Holdings Corp. today announced that it received notification from the New York Stock Exchange (the "NYSE") that the Company has regained compliance with the NYSE's continued listing standard for share price.
On October 24, 2008 the Company received notification from the NYSE that the Company had fallen below the continued listing standard, which requires a minimum average closing price of $1.00 per share over 30 consecutive trading days. Vonage regained compliance after its closing share price for the 30 trading days ended September 28, 2009 and its closing price on September 28, 2009 exceeded $1.00.
In addition to regaining compliance with the price listing standard, the Company continues to follow all NYSE requirements to regain market capitalization compliance including providing quarterly operational updates to the NYSE. The NYSE requires average market capitalization of not less than $100 million over a 30 day trading period. The Company's current market capitalization is $238 million*. The Company could regain compliance either at the end of the 18 month plan period available or based on two consecutive quarterly monitoring periods in compliance.
*Based on 176 million shares outstanding as of September 4, 2009 and the September 25, 2009 closing price of $1.35.
Vonage (NYSE: VG) is a leading provider of broadband telephone services with approximately 2.5 million subscriber lines. Our award-winning technology enables anyone to make and receive phone calls with a touch tone telephone almost anywhere a broadband Internet connection is available. We offer feature-rich and cost-effective communication services that offer users an experience similar to traditional telephone services.
Our Vonage World plan offers free unlimited calling to landline phones in all cities and locations in more than 60 countries and popular features like call waiting, call forwarding and voicemail for one low, flat monthly rate. Our Small Business Unlimited calling plan offers unlimited local and long distance calling, free international calling to five countries in Europe and low international rates.
Vonage's service is sold on the web and through national retailers including Best Buy and Wal-Mart Stores Inc. and is available to customers in the U.S., Canada and the United Kingdom. For more information about Vonage's products and services, please visit http://www.vonage.com.
Vonage Holdings Corp. is headquartered in Holmdel, New Jersey. Vonage(R) is a registered trademark of Vonage Marketing Inc., a subsidiary of Vonage Holdings Corp.
Vonage Investor Contact: Leslie Arena, +1-732-203-7372 email@example.com Vonage Media Contact: Meghan Shaw +1-732-203-7133 firstname.lastname@example.org
SOURCE Vonage Holdings Corp.
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