The company that owns Southern Park Mall, Washington Prime Group (WPG), announced to its stockholders that the New York Stock Exchange had sent notice that WPG does not meet minimum closing price standards for continued listing on the NYSE.

Stock exchange requires a company to maintain a minimum closing price of $1.00 per share over 30 consecutive trading days.

WPG states it received the notice on April 28.

Washington Prime Group was trading at 74 cents per share today.

In the second week of March 2020, WPG stock hit $1.00 per share, then dipped below that amount to 83 cents a share on March 13.

WPG states on its website it plans to notify the NYSE of it's intent to cure the deficiency and return to compliance with the stock exchange's listing standards.

The main reason companies list on a stock exchange is to raise capital and to grow a business. 

The company has around 7 months or until January 1, 2021 to regain compliance, or shares may no longer trade on the New York Stock Exchange.

The company states it's reviewing all available alternatives to return to compliance with the NYSE listing standards.

One option if necessary would be to potentially implement a reverse stock split, subject to appropriate approvals. 

Washington Prime Group says this does not affect the company's business operations.

WFMJ news reached out to Washington Prime Group to find out whether planned renovations at Southern Park Mall will continue and to find out how the pandemic has affected the company's bottom line. 

WPG owns, develops, and manages over 100 retail malls and centers across the country and is headquartered in Columbus, Ohio.

This is a developing story check back for updates.