Virgin Mobile Hits NYSE Snag

The news isn’t good for Virgin Mobile: Engadget Mobile reports that right before the mobile virtual network operator slashed ten percent of its workforce on Monday, the company was notified by the NYSE that it was “not in compliance with certain listing criteria.”

According to the NYSE, that means the company’s stock is “below the applicable standards because the average market capitalization of its Class A common stock and substantial equivalents, over a period of 30 trading days, is less than $100 million.”

The report said that Virgin Mobile has 45 days to respond with a business plan that “demonstrates its ability to get back into compliance within 18 months.”

It remains to be seen if the sole remaining major MVNO can rescue the concept from its gradual slide into oblivion.