PORTLAND – The New York Stock Exchange will remove American Skiing Co. stock from its trading list by March 14, the company said Wednesday.

The stock is being delisted because the average closing price fell below $1 for more than 30 consecutive trading days and because the company no longer met requirements for market capitalization or stockholders’ equity.

The exchange requires a minimum market capitalization of at least $50 million over a 30-day trading period or stockholders’ equity of no less than $50 million. The company failed to satisfy either requirement.

Market capitalization is the number of issued shares multiplied by price per share. Shareholder equity is the value of the company minus its debt.

“While we are disappointed with the exchange’s decision, we remain focused on improving our operations, strengthening our financial position and creating value for all of our investors,” said B.J. Fair, president and CEO of the Newry-based company.

The stock closed Wednesday at 29 cents, down one cent, or more than 3 percent.

American Skiing’s fortunes declined when an ambitious expansion program ran into a decline in skier and snowboarder numbers. It has been struggling with losses of $180 million during the past two quarters.

The exchange advised American Skiing in January that it has fallen below its listing criteria. The company said then that it was committed to maintaining its listing.

The company said Wednesday it is working toward having its shares open on the National Association of Securities Dealers’ over-the-counter bulletin board March 14. Companies that are not listed by a recognized securities exchange are traded over the counter.

American Skiing said the delisting isn’t expected to affect the company’s operations, sales or financial position.

Brad McCurtain of Maine Securities agreed, saying the development merely “typifies how things have been going for them.”