The New York Stock Exchange has notified J.C. Penney Co. Inc. /zigman2/quotes/204684963/lastsale JCP +5.14% that the company is out of compliance with the exchange's continued listing criteria, the retailer said late Friday. Listed companies are required to keep an average closing share price of at least $1 over a consecutive 30 trading-day period. The retailer has six months to regain compliance, subject to a possible extension. J.C. Penney said it plans to "pursue measures to cure the share price non-compliance, including through a reverse stock split of the company's common stock, subject to stockholder approval, if such action is necessary to cure the non-compliance," it said in a statement. Shares of J.C. Penney rose 2% in the extended session Friday after ending the regular trading day down 4.8%.