J.C. Penney stock tanks 12% after NYSE non-compliance letter

J.C. Penney Co. Inc. stock plummeted 12.1% in Friday trading after the department store retailer announced that it received a letter from the New York Stock Exchange on August 6 alerting it that it is no longer in compliance with listing criteria.

The criteria requires listed companies to maintain an average closing share price of at least $1 for 30 consecutive days. J.C. Penney JCP, +0.00%   last closed at $1 on June 6.

J.C. Penney stock has lost more than 75% over the past year while the S&P 500 index SPX, -1.05%  is up 3% for the period.

J.C. Penney has six months from receipt of the notice to move the share price back into compliance, and it says it intends to do so, perhaps with a reverse stock split, which requires stockholder approval.