AeroCentury shares soar more than 1,300% after NYSE America accepts company’s plan to remain listed
Shares of AeroCentury Corp., a company that leases aircraft and engines to regional air carriers, were up more than 1,300% on Monday, after the company said the NYSE American stock exchange has accepted its plan to remain a listed company.
The news propelled a stock ACY,
Burlingame, Calif.–based AeroCentury said in a regulatory filing it had received a deficiency letter from the NYSE in September, outlining that it was not in compliance with listing standards. The company subsequently submitted a plan to the exchange to bring it back into compliance within 18 months of receiving the initial letter. It then received a letter from the exchange in late November telling it the plan had been accepted with a target completion date of March 11, 2022.
AeroCentury posted a net loss of $4.1 million, or $2.64 a share, in the third quarter, narrower than the loss of $8.2 million, or $5.32 a share, reported in the year-earlier period. The numbers included impairment losses related to the write-down of the fair value of two regional jet aircraft that were held for lease and then sold in October.
The airline industry has been devastated by the coronavirus pandemic, which has grounded craft and deterred many from flying. The U.S. Global Jets ETF JETS,
